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Rupee rises 12 paise to close at 81.96 against US dollar

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New Delhi, July 20 (PTI): The rupee gained 12 paise to close at 81.96 (provisional) against the US dollar on Thursday, as domestic equity benchmarks scaling all-time high levels and weakness in the American currency overseas boosted investor sentiments.

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Besides, steady foreign fund inflows into domestic capital markets also supported the local unit, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.05 against the US dollar and settled 12 paise higher at 81.96 (provisional) against the previous close.

During the day, the domestic unit witnessed an intra-day high of 81.97 and a low of 82.05.

On Wednesday, the rupee had closed at 82.08 against the dollar.

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The rupee traded with a slight positive bias on positive domestic markets and a soft dollar. The domestic equity market touched fresh all-time highs, boosting the domestic currency.

“We expect the rupee to trade with a slight negative bias on the underlying strength of the dollar ahead of the FOMC meeting next week. Rising crude oil prices and weak Asian currencies may also weigh on rupee,” said Anuj Choudhary – research analyst at Sharekhan by BNP Paribas.

However, the surge in domestic equities and steady foreign inflows may support rupee at lower levels. “Traders may take cues from weekly unemployment claims and Philly Fed manufacturing PMI data from the US. We expect the USDINR spot to trade between 81.60 to 82.50 in the near term,” Choudhary said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.10 per cent to 100.18.

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Brent crude futures, the global oil benchmark, advanced 0.11 per cent to USD 79.55 per barrel.

On the domestic equity market front, the 30-share BSE Sensex closed 474.46 points or 0.71 per cent higher at 67,571.90. The broader NSE Nifty rose 146.00 points or 0.74 per cent to 19,979.15.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 1,165.47 crore, according to exchange data.

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The Hills Times
The Hills Timeshttp://www.thehillstimes.in
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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