Rupee rises 34 paise to close at 82.47 against U.S. dollar

The forex market was closed on Wednesday on account of Diwali Balipratipada.

The rupee appreciated 34 paise to close at 82.47 (provisional) against the U.S. dollar on Thursday as the greenback retreated from its elevated levels.

At the interbank foreign exchange market, the local currency opened at 82.15 and witnessed a high of 82.14 and a low of 82.51.

It finally settled at 82.47 against the American currency, registering a rise of 34 paise over its last close.

In the previous session on Tuesday, the rupee appreciated by 7 paise to 82.81 against the dollar.

The forex market was closed on Wednesday on account of Diwali Balipratipada.

"Rupee rose sharply as the dollar plunged against its major crosses. Weaker-than-expected economic data from the U.S. led to a retracement in the dollar," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

The expectation is that the U.S. Federal Reserve will slow the pace of its rate hiking cycle. This sent the euro back above parity with the greenback for the first time in a month, Mr. Somaiya added.