29 C
Guwahati
Friday, July 12, 2024

Rupee recovers from record lows; rises 6 paise to settle at 83.34 against US dollar

- Advertisement -
- Advertisement -

MUMBAI, Nov 28: The rupee on Tuesday rebounded from record low levels, gaining 6 paise to settle at
83.34 (provisional) against the US dollar amid positive sentiment in the equity markets and inflow of
foreign funds.
Forex traders said a weak American currency against major rivals and crude prices hovering close to the
level of USD 80 per barrel also supported the Indian currency.
At the interbank foreign exchange market, the local unit opened at 83.37 and moved in the range of
83.32 to 83.39 against the greenback during intra-day.
It finally settled at 83.34 (provisional) against the dollar, registering a gain of 6 paise from its previous
close.
On Friday, the rupee settled at 83.40 against the American currency. The forex market was closed on
Monday on account of Guru Nanak Jayanti.
Dilip Parmar, Research Analyst, HDFC Securities, said: “Indian rupee started the week on a positive note
as the greenback retreated against major currencies after weak US economic data. However, the month-
end dollar demand has contained the gains in the rupee.
He said the price action in USD-INR remained muted and lacked direction. “In the short term, the pair
has support at 83.20 and resistance at 83.50.”
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies,
was trading 0.02 per cent lower at 103.18.
Brent crude futures, the global oil benchmark, rose 1.18 per cent to USD 80.92 per barrel.
On the domestic equity market front, Sensex climbed 204.16 points, or 0.31 per cent, to settle at
66,174.20 points. The Nifty advanced 95.00 points, or 0.48 per cent, to 19,889.70 points.
Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares
worth Rs 2,625.21 crore, according to exchange data.
Also, the country’s forex reserves increased by USD 5.077 billion to USD 595.397 billion during the week
ended November 17, the Reserve Bank said on Friday. (PTI)

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -