Rupee gains 8 paise to close at 81.22 against U.S. dollar
The Hindu
Forex traders said foreign fund inflows and a rally in domestic equities boosted investor sentiments
The rupee appreciated by 8 paise to close at 81.22 (provisional) against the U.S. dollar on December 1 on broad dollar weakness after Federal Reserve Chairman Jerome Powell said the pace of interest rate hikes may slow.
Forex traders said foreign fund inflows and a rally in domestic equities boosted investor sentiments.
At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback.
The local unit finally settled at 81.22, registering a rise of 8 paise over its previous close.
On Wednesday, the rupee closed at 81.30 against the U.S. dollar, on month-end exporter dollar selling and MSCI rebalancing related inflows.
“The Indian rupee started the new month on a front foot following stronger Asian currencies and risk-on sentiments.”
"It has gained in three out of the last four days as the dollar index slipped to a three-month low after Fed Chair Jerome Powell confirmed the pace of interest rates set to slow along with China easing the COVID restrictions," said Dilip Parmar, Research Analyst, HDFC Securities.
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