Rupee rises 1 paisa to close at 84.38 against U.S. dollar

Rupee closes at 84.38 against USD, supported by RBI intervention, while Sensex and Nifty fall sharply.

The rupee moved in a narrow range and appreciated 1 paisa to close at 84.38 (provisional) against the U.S. dollar on Wednesday (November 13, 2024), as persistent foreign fund outflows and a muted trend in domestic equities weighed on the local unit.

The USD/INR pair is trading in a narrow range as strength of the American currency in the overseas market dented investor sentiments, while suspected intervention by the Reserve Bank of India (RBI) kept the rupee supported at lower levels, Forex traders said.

At the interbank foreign exchange, the rupee opened at 84.40 against the U.S. dollar. During the session, the local currency touched a high of 84.37. It finally settled at 84.38 (provisional), 1 paisa higher than its previous close.

On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the U.S. dollar.

According to Praveen Singh -- Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas -- the USDINR pair may rise to Rs 85 level in near term, though the intervention by the RBI may slow the pace.

"Support is at 84.25/84 and resistance is at 84.50/84.75," Singh added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.05% at 105.97.