<p>The rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.86 (provisional) against the American currency on Friday, supported by a firm trend in domestic equities and the weakness of the American currency in the overseas market.</p><p>Forex traders said the rupee gained on Friday as domestic markets touched fresh record highs. Moreover, fresh foreign fund inflows also supported the rupee. However, a surge in crude oil prices capped sharp gains.</p><p>At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.82 and a low of 83.88 against the American currency.</p><p>The domestic currency finally settled at 83.86 (provisional), 3 paise higher from its previous close.</p><p>On Thursday, the rupee appreciated 8 paise to close at 83.89 against the American currency.</p><p>"We expect the rupee to trade with a slight negative bias on month-end dollar demand from oil marketing companies (OMCs) and importers and recovery in crude oil prices.</p><p>"However, soft US dollar and rise in global risk sentiments may support the rupee at lower levels. Traders may take cues from India's fiscal deficit and US core PCE data. USD-INR spot price is expected to trade in a range of Rs 83.70 to Rs 84.10," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 101.33.</p><p>Brent crude, the global oil benchmark, declined 0.18 per cent to USD 79.80 per barrel.</p><p>On the domestic equity market, the 30-share BSE Sensex advanced 231.16 points, or 0.28 per cent, to close at an all-time high of 82,365.77 points, while the Nifty was up 83.95 points, or 0.33 per cent, to hit a fresh peak of 25,235.90 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 3,259.56 crore, according to exchange data.</p><p>Meanwhile, Moody's Ratings on Thursday raised India's GDP growth forecast for 2024 and 2025 calendar year to 7.2 per cent and 6.6 per cent, respectively, on strong broad-based growth.</p>
<p>The rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.86 (provisional) against the American currency on Friday, supported by a firm trend in domestic equities and the weakness of the American currency in the overseas market.</p><p>Forex traders said the rupee gained on Friday as domestic markets touched fresh record highs. Moreover, fresh foreign fund inflows also supported the rupee. However, a surge in crude oil prices capped sharp gains.</p><p>At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.82 and a low of 83.88 against the American currency.</p><p>The domestic currency finally settled at 83.86 (provisional), 3 paise higher from its previous close.</p><p>On Thursday, the rupee appreciated 8 paise to close at 83.89 against the American currency.</p><p>"We expect the rupee to trade with a slight negative bias on month-end dollar demand from oil marketing companies (OMCs) and importers and recovery in crude oil prices.</p><p>"However, soft US dollar and rise in global risk sentiments may support the rupee at lower levels. Traders may take cues from India's fiscal deficit and US core PCE data. USD-INR spot price is expected to trade in a range of Rs 83.70 to Rs 84.10," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 101.33.</p><p>Brent crude, the global oil benchmark, declined 0.18 per cent to USD 79.80 per barrel.</p><p>On the domestic equity market, the 30-share BSE Sensex advanced 231.16 points, or 0.28 per cent, to close at an all-time high of 82,365.77 points, while the Nifty was up 83.95 points, or 0.33 per cent, to hit a fresh peak of 25,235.90 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 3,259.56 crore, according to exchange data.</p><p>Meanwhile, Moody's Ratings on Thursday raised India's GDP growth forecast for 2024 and 2025 calendar year to 7.2 per cent and 6.6 per cent, respectively, on strong broad-based growth.</p>