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Rupee rises 13 paise to close at 83.44 against US dollar

Forex traders said the strength of the American currency in the overseas market and US dollar demand from oil marketing companies capped sharp gains for the local unit.
Last Updated : 27 June 2024, 10:35 IST

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Mumbai: The rupee appreciated 13 paise to settle at 83.44 (provisional) against the US dollar on Thursday, supported by a positive trend in equity markets and favourable domestic macroeconomic profile.

Forex traders said the strength of the American currency in the overseas market and US dollar demand from oil marketing companies capped sharp gains for the local unit.

At the interbank foreign exchange market, the local unit opened at 83.56 and hit the intraday high of 83.43 against the greenback during the session.

It finally settled at 83.44 (provisional) against the dollar, registering a gain of 13 paise from its previous close.

On Wednesday, the rupee depreciated 14 paise against the US dollar and settled at 83.57.

The Indian rupee appreciated on bond-related foreign inflows ahead of their inclusion in the JP Morgan debt index, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Domestic markets touched fresh record highs with the Nifty breaching the 24,000-mark for the first time, supporting the domestic currency.

However, a strong US dollar and dollar demand from oil marketing companies capped sharp gains.

"We expect the rupee to trade with a slight negative bias on the strong US dollar and a surge in crude oil prices. Dollar demand ahead from OMCs and importers to meet their obligations towards the end of the month may also weigh on the rupee," Choudhary said, adding that fresh foreign inflows and positive tone in the domestic equities may support the rupee.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.90, lower by 0.14 per cent.

Brent crude futures, the global oil benchmark, advanced 0.56 per cent to USD 85.73 per barrel.

In the domestic equity market, the 30-share BSE Sensex rose 568.93 points, or 0.72 per cent, to close at an all-time high of 79,243.18 points. The broader NSE Nifty settled 175.70 points, or 0.74 per cent, higher at its new peak of 24,044.50 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 3,535.43 crore, according to exchange data.

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Published 27 June 2024, 10:35 IST

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