36 C
Friday, July 19, 2024

Rupee rises 15 paise to close at 81.95 against US dollar

- Advertisement -
- Advertisement -


MUMBAI, July 3 (PTI): The rupee appreciated by 15 paise to close at 81.95 (provisional) against the US dollar on Monday, as sustained foreign fund inflows and a bullish trend in domestic equities strengthened investor sentiments.

- Advertisement -

At the interbank foreign exchange market, the local unit opened at 82.01 against the US dollar and settled at 81.95 (provisional), up 15 paise over its previous close amid a rally in domestic equities, wherein benchmark indices witnessed record high levels.

During the day, the domestic unit witnessed an intra-day high of 81.76 and a low of 82.01.

On Friday, the rupee closed at 82.10 against the US currency.

“The Indian rupee appreciated on positive domestic markets and FII inflows. Domestic equity indices are trading at all-time highs. However, the strong US dollar and surge in crude oil prices capped sharp gains,” said Anuj Choudhary – research analyst at Sharekhan by BNP Paribas.

- Advertisement -

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.21 per cent to 103.13.

The US dollar gained on the decline in euro which fell on weak PMI data. Dollar also edged higher on rising expectations of a rate hike in July, Choudhary said.

Global oil benchmark Brent crude futures advanced 1.10 per cent to USD 76.24 per barrel.

“We expect rupee to trade with a slight negative bias as a strong dollar and rising crude oil prices may put downside pressure on rupee. However, a positive tone in domestic markets and steady FII inflows may support rupee at lower levels,” Choudhary said.

- Advertisement -

Choudhary further noted that traders may remain cautious ahead of ISM manufacturing PMI data from the US on Monday and non-farm payroll data later this week.

“Traders may also take cues from India’s services and composite PMI data this week. We expect the USDINR spot to trade between 81.60 to 82.40 in the near-term,” he said.

On the domestic equity market front, the 30-share BSE Sensex rallied 486.49 points to hit a fresh record of 65,205.05 and the wide-based Nifty settled at an all-time high of 19,322.55.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 6,397.13 crore, according to exchange data.

Foreign Portfolio Investors (FPIs) have pumped Rs 47,148 crore into Indian equities in June, making it the highest inflow in 10 months.

- Advertisement -
The Hills Times
The Hills Timeshttp://www.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 -
Top 10 Most Dangerous Animals in India Foods That Increase Uric Acid Levels 9 Exotic Summer Vacation Destinations In India Top 7 Largest Rivers In South India T20 World Cup: Top 5 bowlers with the lowest economy min 20 overs