Rupee rises 8 paise to close at 81.62 against U.S. dollar
The Hindu
The Indian rupee appreciated on positive domestic equities and a weak U.S. Dollar.
The rupee settled for the day 8 paise higher at 81.62 (provisional) against the American currency on Friday on broad dollar weakness and improved risk sentiments.
Forex traders said positive domestic equities and foreign fund inflows supported the local unit.
At the interbank foreign exchange market, the local unit opened at 81.69 and touched an intra-day high of 81.44 and a low of 81.71 against the greenback.
The local unit finally settled at 81.62, registering a rise of 8 paise over its previous close.
On Thursday, the rupee appreciated by 23 paise to close at 81.70 against the U.S. dollar.
The Indian rupee appreciated on positive domestic equities and a weak U.S. Dollar. Foreign fund inflows also supported Rupee, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.
The U.S. dollar declined on extended losses as the Federal Open Market Committee (FOMC) minutes showed that a majority of Federal Reserve policymakers agree that it would likely soon be appropriate to slow the pace of rate hike. This led to a surge in global markets and decline in safe haven appeal, Choudhary said.
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