Rupee rises 5 paise to 83.11 against U.S. dollar
The Hindu
The rupee strengthens against the US dollar due to a weak greenback and muted domestic equities.
The rupee appreciated 5 paise to 83.11 (provisional) against the U.S. dollar on Jan. 30, following a weak greenback against major currencies overseas amid a muted trend in domestic equities.
At the interbank foreign exchange market, the local unit opened at 83.14 against the greenback. Moving in a very tight range, the unit hit an intraday low of 83.15 and a high of 83.11 against the greenback.
The local unit finally settled at 83.11 against the dollar, higher by 5 paise (provisional) from its previous close.
On Jan. 29, the rupee depreciated 5 paise to 83.16 against the U.S. dollar.
According to Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, the rupee gained on Tuesday on the softening of the U.S. Dollar and a decline in crude oil prices from higher levels.
However, weak domestic markets capped sharp gains. The U.S. Dollar eased slightly on rising risk appetite in global markets.
“We expect the rupee to trade with a slight negative bias on month-end Dollar demand from importers and concerns over geopolitical tensions in the Middle East and the Red Sea.
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