Rupee rises 7 paise to close at 83.23 against US dollar
New Delhi: The rupee on Thursday closed 7 paise higher at 83.23 against the US dollar due to bullish trend in domestic equities and weakness of the American currency in the overseas market. However, forex traders said rising crude oil prices limited sharp gains for the local unit.
At the interbank foreign exchange market, the local unit opened flat at 83.30 against the greenback. The rupee fluctuated between an intra-day low of 83.32 and a high of 83.21 against the dollar and finally closed at 83.23 against the dollar, 7 paise higher than its previous close.
The rupee gained for the second consecutive day following a weak greenback following mixed signals from the minutes of the Federal Open Market Committee (FOMC) meeting.
“Better-than-expected PMI numbers pushed the euro higher against the US dollar. The rupee also gained along with other Asian currencies after Eurozone data. However, the local unit pared afternoon gains amid higher crude oil prices and importers. “Reduced.” “Spot USD/INR is expected to consolidate between 83.10 and 83.50 on dollar demand,” said Dilip Parmar, Research Analyst, HDFC Securities.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.32 percent lower at 102.16.
oil prices
Brent crude futures, the global oil benchmark, rose 1.05 percent to US$79.07 per barrel.
household index
On the domestic equity market front, Sensex closed at 71,847.57, up 490.97 points or 0.69 per cent. Nifty rose 141.25 points or 0.66 percent to 21,658.60 points.
FII
Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth Rs 666.34 crore, according to exchange data.
On the domestic macroeconomic front, India’s manufacturing sector growth slowed to an 18-month low in December amid soft growth in factory orders and output despite minimal inflation.
The HSBC India Manufacturing PMI survey conducted by S&P Global showed soft, though sharp, growth in factory orders and output, while business confidence in the outlook for the coming year strengthened.
