Rupee rises 5 paise to close at 81.96 against U.S. dollar
The Hindu
On Wednesday, the rupee settled at 82.01 against the dollar.
The rupee appreciated by 5 paise to close at 81.96 (provisional) against the U.S. dollar on Thursday amid weak American currency against major rivals overseas.
Buying in domestic equities by foreign institutional investors and easing crude oil prices also weighed in favour of the rupee, analysts said.
On the other hand, further interest rate hikes indicated by U.S. Federal Reserve chair Jerome Powell on Wednesday ahead of the Federal Open Market Committee's (FOMC's) policy decision, put pressure on the greenback.
"Dovish comments from FOMC officials Raphael Bostic and Austan Goolsbee put further downside pressure on the dollar. FII inflows also supported the local currency. However, weak domestic markets and overnight gains in crude oil prices capped sharp gains," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
At the interbank foreign exchange, the domestic unit opened stronger at 81.94 against the dollar and hit the intra-day peak of 81.88 during the day's trade. The currency finally settled at 81.96 (provisional) against the U.S. dollar, registering a gain of 5 paise over the previous close.
On Wednesday, the rupee settled at 82.01 against the dollar.
Mr. Choudhary said the local currency is expected to trade in the range of 81.50 to 82.40 a dollar in the near term due to the risk-off sentiments in global markets.
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