Rupee strengthened by five paise at 83.03 against US dollar
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Currency traders said the strength of the US currency in the foreign market and high crude oil prices had an impact on the local unit and the upside remained limited. The rupee opened at 83.11 per dollar in the interbank foreign exchange market.
Mumbai The rupee on Wednesday strengthened by five paise to close at 83.03 (provisional) against the US dollar amid positive sentiment in the domestic equity markets. Currency traders said the strength of the US currency in the foreign market and high crude oil prices had an impact on the local unit and the upside remained limited. The rupee opened at 83.11 per dollar in the interbank foreign exchange market.
It traded between a high of 83.02 per dollar and a low of 83.12 during the session. It finally closed at (provisional) 83.03 against the US dollar with a rise of five paise. Anuj Choudhary, research analyst at Sharekhan by BNP Paribas, said, “Given the strength of the US dollar and risk aversion in global markets, we estimate the rupee to remain in a slight negative zone. The rise in crude oil prices can also put pressure on the rupee.
Meanwhile, the dollar index, which reflects the position of the US dollar against six major currencies, stood at 104.92 with a weakness of 0.04 percent. Global oil benchmark Brent crude futures rose 0.16 percent to US $ 82.90 per barrel. According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 376.32 crore on Tuesday.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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