Mumbai: The rupee on Tuesday closed 5 paise higher at 83.31 against the US dollar due to positive domestic markets and a weak American currency.
At the interbank foreign exchange market, the local unit opened at 83.37 against the greenback. The unit touched an intra-day high of 83.28 and low of 83.3 against the greenback.
The domestic unit finally closed at 83.31 against the dollar, 5 paise higher than its previous close.
On Monday, the rupee strengthened by 8 paise and closed at 83.36 against the US dollar.Anuj Chaudhary, Research Analyst, Sharekhan by BNP Paribas said, "The Indian rupee gained on Tuesday due to a weak US dollar and positive domestic markets. However, recovery in crude oil prices and FII outflows limited the gains in equities. "
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.01 percent lower at 106.06 as tensions between Israel and Iran eased.
Brent crude futures, the global oil benchmark, rose 0.29 percent to US$87.25 per barrel.
“We expect the rupee to trade with a slightly positive bias on the back of improvement in global risk sentiments and easing of geopolitical tensions in the Middle East,” Chaudhary said.,
The rupee also received support from a stronger euro and a weakness in the dollar against the pound amid mixed to positive PMI data in Europe.
"However, any fresh aggression in the Middle East could escalate quickly. Traders may take cues from PMI data from the US. Investors may remain cautious ahead of inflation data from the US later this week. USD-INR Spot Price Trading is expected in the range of Rs 83.10 to Rs 83.50, Choudhary said.According to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, the dollar witnessed slight weakness on reduced safe haven demand, although anticipation of more cues on the US economy and interest rates kept traders biased towards the greenback. kept.
He said that the Indian rupee rose due to slightly reduced risk appetite in the market. "The range for Wednesday is expected to be between 83.20 to 83.50."
On the domestic equity market front, Sensex closed 89.83 points or 0.12 per cent higher at 73,738.45. Nifty closed at 22,368.00 points, up 31.60 points or 0.14 percent.Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 3,044.54 crore, according to T exchange data.
At the interbank foreign exchange market, the local unit opened at 83.37 against the greenback. The unit touched an intra-day high of 83.28 and low of 83.3 against the greenback.
The domestic unit finally closed at 83.31 against the dollar, 5 paise higher than its previous close.
On Monday, the rupee strengthened by 8 paise and closed at 83.36 against the US dollar.Anuj Chaudhary, Research Analyst, Sharekhan by BNP Paribas said, "The Indian rupee gained on Tuesday due to a weak US dollar and positive domestic markets. However, recovery in crude oil prices and FII outflows limited the gains in equities. "
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.01 percent lower at 106.06 as tensions between Israel and Iran eased.
Brent crude futures, the global oil benchmark, rose 0.29 percent to US$87.25 per barrel.
“We expect the rupee to trade with a slightly positive bias on the back of improvement in global risk sentiments and easing of geopolitical tensions in the Middle East,” Chaudhary said.,
The rupee also received support from a stronger euro and a weakness in the dollar against the pound amid mixed to positive PMI data in Europe.
"However, any fresh aggression in the Middle East could escalate quickly. Traders may take cues from PMI data from the US. Investors may remain cautious ahead of inflation data from the US later this week. USD-INR Spot Price Trading is expected in the range of Rs 83.10 to Rs 83.50, Choudhary said.According to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, the dollar witnessed slight weakness on reduced safe haven demand, although anticipation of more cues on the US economy and interest rates kept traders biased towards the greenback. kept.
He said that the Indian rupee rose due to slightly reduced risk appetite in the market. "The range for Wednesday is expected to be between 83.20 to 83.50."
On the domestic equity market front, Sensex closed 89.83 points or 0.12 per cent higher at 73,738.45. Nifty closed at 22,368.00 points, up 31.60 points or 0.14 percent.Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 3,044.54 crore, according to T exchange data.
