Finance
The rupee rose for the first time this week, rising 12 paise to 83.15 against the US dollar on Friday, owing to a weak US currency and good equity market mood. The Indian rupee, on the other hand, has been under pressure due to the continued rise in crude oil prices caused by the evolving geopolitical environment and outflow of foreign capital, according to FX traders.
The native currency opened at 83.25 on the interbank foreign exchange and fluctuated in a range of 83.11 to 83.27 versus the US dollar during the day. The local unit eventually settled at 83.15 (provisional), up 12 paise from its previous close.
On Thursday, the Indian rupee fell 9 paise to 83.27 against the US dollar. The unit traded flat on Wednesday and finished at 83.18, a day after completing the session at the same level with an 8-paise loss on Tuesday.
On Monday, the currency had declined 7 paise to close at 83.10.Jateen Trivedi, VP Research Analyst at LKP Securities, said, “The dollar index trending weak has been a major support for rupee as dollar has fallen from 104 to 101.70 in a matter of 10 sessions. However, the overall trend for the rupee remains sideways within the range of 82.90-83.40 zones. ”
On Friday, the dollar index, which measures the strength of the US currency against a basket of six currencies, was trading 0.07 percent lower at 101.41. Brent crude rose 0.97 percent to USD 80.16 per barrel, the global oil price benchmark. The 30-share BSE Sensex increased 241.86 points, or 0.34 percent, to close at 71,106.96 in the domestic equity market.
The NSE Nifty gained 94.35 points, or 0.44 percent, to 21,349.40.According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the equities market on Thursday, offloading shares worth Rs 1,636.19 crore.
Source:FE
