Rupee Rises 14 Paise To Close At 79.76 Against US Dollar

The local unit opened at 79.86 against the greenback and finally settled at 79.76 (provisional), registering a rise of 14 paise over its previous close. The rupee rises 14 paise to close at 79.76 (provisional) against the US dollar on Monday tracking strong regional peers and soft greenback according to the top market research companies report.

The local unit witnessed an intra-day high of 79.70 and a low of 79.87 against the American currency during the session.

The rupee extended the gains from Wednesday’s session by closing at 79.90 against the American currency, gaining 0.34 per cent against its previous close.

The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.38 per cent at 106.32 as investors weighed new economic data and speculation over whether the Federal Reserve will raise interest rates this month.

Brent crude futures, the global oil benchmark, rose 1.25 per cent on Wednesday to USD 104.49 per barrel despite a surprise drop in US gasoline stocks.

The Indian rupee started the week on the front foot following stronger regional currencies and weaker crude oil prices.

Markets are expecting a move on Wednesday from 100 bps a few weeks back adding that spot USD/INR is having support at 79.30 and resistance remains around 80.10.

The domestic equity market continued to trade lower on Wednesday with the BSE Sensex ending 306.01 points or 0.55 per cent lower at 55,766.22, while the broader NSE Nifty declined 88.45 points or 0.53 per cent to 16,631.00.

Data showed that FIIs were net sellers in the capital market as they sold shares worth Rs 675.45 crore on Friday.

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