Finance
On Monday, the rupee rose 4 paise to 82.43 (provisional) against the US dollar, buoyed by falling crude oil prices and a favorable trend in local markets.
The local currency opened at 82.45 versus the US dollar on the interbank foreign exchange market and closed at 82.43 (provisional), up 4 paise from its previous closing.
The domestic unit reached an intraday high of 82.40 and a low of 82.48 throughout the day.
The rupee finished at 82.47 versus the US dollar on Friday.
On Monday, the rupee traded flat to slightly higher as local markets improved and the US dollar fell. Weak crude oil prices also helped the native currency, according to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
However, FII outflows capped rapid increases.
According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday, offloading shares worth Rs 308.97 crore.
The US dollar fell on increased anticipation of a pause in rate hikes at the June FOMC meeting. This has also resulted in favorable sentiment in foreign markets.
The dollar index, which measures the strength of the greenback against a basket of six currencies, declined 0.26 percent to 103.28.
Meanwhile, global oil benchmark Brent crude futures fell 2.31 percent to USD 73.06 per barrel.
The 30-share BSE Sensex increased 99.08 points, or 0.16 percent, to end at 62,724.71 points, while the wider NSE Nifty rose 38.10 points, or 0.21 percent, to 18,601.50 points.
Source:FE
