Rupee appreciates 18 paise to 82.58 against US dollar
The rupee on Friday reversed its four-day losing streak and appreciated by 18 paise to 82.58 (provisional) against the US dollar. , Photo Credit: Sudarshan V
The rupee on Friday reversed a four-day losing streak and appreciated by 18 paise to 82.58 (provisional) against the US dollar tracking positive sentiments in domestic equity markets.
Traders said weakening of the dollar overseas also supported the rupee.
At the interbank foreign exchange, the domestic unit opened strong at 82.50 against the dollar and traded between 82.50 and 82.75. It finally settled at 82.58 (provisional) against the American currency, registering a gain of 18 paise over its previous close.
On Thursday, the rupee had closed at 82.76 against the US dollar.
Jatin Trivedi, VP Research Analyst, LKP Securities, said the movement in favor of the rupee was triggered as participants offloaded the dollar due to positive sentiments as eleven US banks, JP Morgan and others added to First Republic Bank. Will accumulate up to $ 30 billion. Rescue the beleaguered lender from the collapse of two US lenders”.
However, he added, “the rupee may continue to move volatile as prices will factor into the Fed’s outlook on the Fed’s policy and financial sector affected by the interest rate high cycle”.
Meanwhile, the dollar index, which gauges the strength of the dollar against a basket of six major currencies, was trading 0.21 per cent lower at 104.20.
Global oil benchmark Brent crude futures rose 1.26 per cent to $75.64 per barrel.
The 30-share BSE Sensex ended 355.06 points, or 0.62 per cent, higher at 57,989.90, while the broader NSE Nifty advanced 114.45 points, or 0.67 per cent, to close at 17,100.05.
Foreign institutional investors (FIIs) remained net sellers in the domestic capital market on Thursday as they sold shares worth ₹282.06 crore, according to exchange data.