Finance
The rupee gained 34 paise against the US dollar on Thursday, closing at 82.47 (provisional) as the greenback fell from its highs. The local currency opened at 82.15 on the interbank foreign exchange market, with a high of 82.14 and a low of 82.51. It eventually settled at 82.47 against the US dollar, up 34 paise from its previous close.
The rupee gained 7 paise against the dollar in the previous session on Tuesday, reaching 82.81. Due to Diwali Balipratipada, the forex market was closed on Wednesday.
The US Federal Reserve is expected to slow the pace of its rate hike cycle. For the first time, the euro rose above parity with the greenback for the first time in a month, Somaiya added.
The pound extended its gains on optimism that Rishi Sunak and his team will restore stability and credibility in the UK. “We expect the USD/INR(Spot) to quote in the range of 82.10 and 82.50,” Somaiya said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was quoted 0.36 per cent higher at 110.09. Global oil benchmark Brent crude futures fell 0.06 per cent to USD 95.63 per barrel.
On the domestic equity market front, the 30-share BSE Sensex rose 212.88 points or 0.36 per cent to end at 59,756.84, while the broader NSE Nifty advanced 80.60 points or 0.46 per cent to 17,736.95.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 247.01 crore.
Source:FE
