Rupee rises 13 paise to close at 82.83 against U.S. dollar

Indian rupee strengthens against US dollar on February 22 due to weak dollar and positive domestic equities.

The rupee appreciated 13 paise to close at 82.83 (provisional) against the U.S. dollar on February 22, tracking the weakness of the American currency in the overseas market and positive domestic equities.

Forex traders said elevated crude oil prices weighed on the local unit and restricted a sharp uptick.

At the interbank foreign exchange, the local unit opened at 82.94 against the greenback. It hit an intraday high of 82.83 during the day.

The domestic unit finally settled at 82.83 (provisional) against the dollar, higher by 13 paise from its previous close of 82.96.

The Indian rupee appreciated on February 22 on weak U.S. dollar and mixed-to-positive domestic markets, said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas.

However, a surge in crude oil prices capped sharp gains. The U.S. dollar declined on rise in risk appetite in global markets and positive European markets ahead of PMI data from Eurozone and Germany.