<p>New Delhi: The rupee pared initial losses and jumped 31 paise to close at 85.31 (provisional) against the US dollar on Thursday, following a weak greenback against major crosses overseas and a decline in US treasury yields.</p>.<p>Forex traders said the dollar declined on weaker-than-expected ADP Non-Farm Employment data from the US.</p>.<p>A decline in global crude oil prices also supported the local unit, they added.</p>.<p>At the interbank foreign exchange, the domestic unit opened at 85.69 against the American currency and touched an intra-day high of 85.19 and a low of 85.70 during the session.</p>.<p>The local unit finally settled at 85.31 (provisional), 31 paise higher than its previous closing price.</p>.<p>On Wednesday, the rupee depreciated 3 paise to close at 85.62 against the US dollar.</p>.<p>"The Indian rupee rose sharply on Friday on a weak US Dollar and a decline in US treasury yields. A decline in crude oil prices also favoured the rupee. However, weak domestic markets capped sharp gains," said Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 96.82.</p>.<p>Brent crude, the global oil benchmark, fell by 1.01 per cent to USD 68.41 per barrel in futures trade.</p>.<p>"We expect the rupee to strengthen on a weak US Dollar and rise in risk appetite in global markets. Overall, a weak tone in crude oil may also support the domestic currency. However, uncertainty over trade tariffs may cap sharp gains," Choudhary said.</p>.<p>Going ahead, traders may take cues from the Non-Farm payrolls report from the US. "USD/INR spot price is expected to trade in a range of 84.90 to 85.60," Choudhary said.</p>.<p>Meanwhile, in the domestic equity market, the Sensex declined 170.22 points or 0.20 per cent to 83,239.47, while Nifty fell 48.10 points or 0.19 per cent to 25,405.30.</p>.<p>Foreign institutional investors (FIIs) offloaded equities worth Rs 1,561.62 crore on a net basis on Wednesday, according to exchange data. </p>
<p>New Delhi: The rupee pared initial losses and jumped 31 paise to close at 85.31 (provisional) against the US dollar on Thursday, following a weak greenback against major crosses overseas and a decline in US treasury yields.</p>.<p>Forex traders said the dollar declined on weaker-than-expected ADP Non-Farm Employment data from the US.</p>.<p>A decline in global crude oil prices also supported the local unit, they added.</p>.<p>At the interbank foreign exchange, the domestic unit opened at 85.69 against the American currency and touched an intra-day high of 85.19 and a low of 85.70 during the session.</p>.<p>The local unit finally settled at 85.31 (provisional), 31 paise higher than its previous closing price.</p>.<p>On Wednesday, the rupee depreciated 3 paise to close at 85.62 against the US dollar.</p>.<p>"The Indian rupee rose sharply on Friday on a weak US Dollar and a decline in US treasury yields. A decline in crude oil prices also favoured the rupee. However, weak domestic markets capped sharp gains," said Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 96.82.</p>.<p>Brent crude, the global oil benchmark, fell by 1.01 per cent to USD 68.41 per barrel in futures trade.</p>.<p>"We expect the rupee to strengthen on a weak US Dollar and rise in risk appetite in global markets. Overall, a weak tone in crude oil may also support the domestic currency. However, uncertainty over trade tariffs may cap sharp gains," Choudhary said.</p>.<p>Going ahead, traders may take cues from the Non-Farm payrolls report from the US. "USD/INR spot price is expected to trade in a range of 84.90 to 85.60," Choudhary said.</p>.<p>Meanwhile, in the domestic equity market, the Sensex declined 170.22 points or 0.20 per cent to 83,239.47, while Nifty fell 48.10 points or 0.19 per cent to 25,405.30.</p>.<p>Foreign institutional investors (FIIs) offloaded equities worth Rs 1,561.62 crore on a net basis on Wednesday, according to exchange data. </p>