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Thursday, July 25, 2024

Rupee Rises 18 Paise To 82.58 Against US Dollar

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MUMBAI, March 17 (PTI): The rupee reversed its four-day losing streak and rose 18 paise to 82.58 (provisional) against the US dollar on Friday, tracking positive sentiments in the domestic equity markets.

Traders said a weak dollar overseas also supported the rupee.

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At the interbank foreign exchange, the domestic unit opened strong at 82.50 against the dollar and traded between 82.50 and 82.75. It finally settled at 82.58 (provisional) against the American currency, registering a gain of 18 paise against its previous close.

On Thursday, the rupee settled at 82.76 against the US dollar.

Jateen Trivedi, VP Research Analyst at LKP Securities, said the movement in the rupee’s favour was triggered as the participants offloaded the dollar following “positive sentiments as Eleven US banks, JP Morgan and others will deposit up to USD 30 billion into First Republic Bank coming to rescue the lender caught up in a crisis triggered by the collapse of two US lenders”.

He, however, said the “rupee can continue the volatile moves as prices shall factor in the Fed’s policy and Fed’s viewpoint into the financial sector impacted by interest rate high cycle”.

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Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21 per cent lower at 104.20.

Global oil benchmark Brent crude futures rose 1.26 per cent to USD 75.64 per barrel.

The 30-share BSE Sensex closed 355.06 points or 0.62 per cent higher at 57,989.90 points while the broader NSE Nifty climbed 114.45 points or 0.67 per cent at 17,100.05 points.

Foreign Institutional Investors (FIIs) remained net sellers in the domestic capital market on Thursday as they offloaded shares worth Rs 282.06 crore, according to exchange data.

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