MUMBAI, April 29: The rupee gained 27 paise to settle at 84.96 against the US dollar on Tuesday amid a decline in crude oil prices and steady FII inflows.
However, recovery in the US dollar and geopolitical tensions between India and Pakistan capped sharp gains in the domestic unit.
At the interbank foreign exchange, the domestic unit opened at 85.06 and moved between the intra-day high of 84.96 and the low of 85.40 against the greenback. The unit ended the session at 84.96, registering a gain of 27 paise over its previous closing level.
Related Posts:
On Monday, the rupee appreciated 18 paise to close at 85.23 against the US dollar.
“In the near term, the USDINR spot rate finds support at 84.94 and faces resistance at 85.70. Market participants remained cautious during the holiday-shortened week amid ongoing geopolitical uncertainties,” Dilip Parmar, Research Analyst, HDFC Securities, said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.16 per cent at 99.17.
Brent crude, the global oil benchmark, fell 1.64 per cent to USD 64.78 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex advanced 70.01 points, or 0.09 per cent, to close at 80,288.38, while the Nifty rose 7.45 points or 0.03 per cent to settle at 24,335.95.
Foreign institutional investors (FIIs) bought equities worth Rs 2,385.61 crore on a net basis on Tuesday, according to exchange data.
On the domestic macroeconomic front, India’s industrial production growth remained almost flat at 3 per cent in March sequentially, though, on a year-on-year basis, it slipped from 5.5 per cent, mainly due to poor performance of the manufacturing, mining, and power sectors.
Meanwhile, US Treasury Secretary Scott Bessent has said India is likely to be among the first countries to finalise a bilateral trade agreement with the US to avert reciprocal tariffs by President Donald Trump.
Bessent made these remarks on Monday during an interview with CNBC’s Squawk Box’ to discuss the latest developments on President Trump’s trade negotiations with other countries. (PTI)
