Finance
Following the weakness of the US dollar in global markets, the rupee rebounded 6 paise to close at 82.74 (provisional) against the US currency on Wednesday.
According to economists, FII inflows into the capital market and solid equities markets supported the local unit, although rises in crude oil prices limited rupee upside.
The local unit opened higher at 82.67 on the interbank foreign exchange, despite overnight losses in the US dollar against major global rivals. It traded between a top of 82.66 and a low of 82.81 during the day.
The rupee eventually closed at 82.74 per dollar, up 6 paise from Tuesday’s closing level of 82.80.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading 0.03 percent down at 103.50 after US data indicated that the labor market was cooling, a scenario that could provide support for the US Federal Reserve in prospective interest rate cuts.
Brent crude futures increased 0.56 percent to USD 85.97 per barrel, the global oil benchmark.
The BSE Sensex closed higher by 11.43 points, or 0.02 percent, at 65,087.25 points, while the wider Nifty climbed by 4.80 points to settle at 19,347.45 points.
According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital market on Tuesday, purchasing shares worth Rs 61 crore.
Source:FE
