Mumbai: The rupee appreciated for the fourth consecutive trading session on Friday on fresh foreign fund inflows and suspected RBI intervention and closed 18 paise higher at 83.11 (provisional) against the US dollar.
Forex traders attributed the rally to the record dividend of Rs 2.11 lakh crore paid by the RBI to the government for the financial year ended March 31. This was more than double the budgetary expectation, helping to boost revenues ahead of the new government office.
At the interbank foreign exchange, the domestic unit opened at 83.26 and ranged between 83.03 and 83.26 against the greenback during the session.
The local unit finally closed at 83.11 (provisional) against the dollar, registering a rise of 18 paise from its previous close.The local unit has added 39 paise against the US currency in the last four trading sessions.
The foreign exchange market was closed on Thursday on the occasion of 'Buddha Purnima'.
On Wednesday, the rupee rose 2 paise to close at 83.29 against the US dollar.
"The Indian Rupee gained momentum on suspected intervention by the Reserve Bank of India (RBI). The dividend of Rs 2.11 lakh crore paid by the RBI to the government also boosted the market sentiment."Fresh FII inflows and fall in crude oil prices also supported the rupee. The US dollar strengthened as markets traded amid tough US data and hawkish Federal Open Market Committee (FOMC) meeting minutes," said Anu Chaudhary, Research Analyst, Sharekhan. "Lowered the stakes for a rate cut." By BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, fell 0.22 percent to 104.88.
Global oil benchmark Brent crude futures slipped 0.70 per cent to US$80.79 per barrel."We expect the rupee to trade with a positive bias due to positive domestic equities and overall weakness in crude oil prices. However, a stronger dollar due to weak global markets and strong US data may cap the sharp gains," Choudhary said. Is."
Traders can take cues from durable goods orders and revised consumer sentiment data from the US. The USD-INR spot price is expected to range between Rs 82.8 and Rs 83.30, Chaudhary said.
On the domestic equity market front, benchmark equity indices hit new highs in intra-day trade before ending flat.The 30-share Sensex fell 7.65 points or 0.01 per cent to 75,410.39 and the Nifty fell 10.55 points or 0.05 per cent to 22,957.10.
Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 4,670.95 crore, according to T exchange data.
Forex traders attributed the rally to the record dividend of Rs 2.11 lakh crore paid by the RBI to the government for the financial year ended March 31. This was more than double the budgetary expectation, helping to boost revenues ahead of the new government office.
At the interbank foreign exchange, the domestic unit opened at 83.26 and ranged between 83.03 and 83.26 against the greenback during the session.
The local unit finally closed at 83.11 (provisional) against the dollar, registering a rise of 18 paise from its previous close.The local unit has added 39 paise against the US currency in the last four trading sessions.
The foreign exchange market was closed on Thursday on the occasion of 'Buddha Purnima'.
On Wednesday, the rupee rose 2 paise to close at 83.29 against the US dollar.
"The Indian Rupee gained momentum on suspected intervention by the Reserve Bank of India (RBI). The dividend of Rs 2.11 lakh crore paid by the RBI to the government also boosted the market sentiment."Fresh FII inflows and fall in crude oil prices also supported the rupee. The US dollar strengthened as markets traded amid tough US data and hawkish Federal Open Market Committee (FOMC) meeting minutes," said Anu Chaudhary, Research Analyst, Sharekhan. "Lowered the stakes for a rate cut." By BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, fell 0.22 percent to 104.88.
Global oil benchmark Brent crude futures slipped 0.70 per cent to US$80.79 per barrel."We expect the rupee to trade with a positive bias due to positive domestic equities and overall weakness in crude oil prices. However, a stronger dollar due to weak global markets and strong US data may cap the sharp gains," Choudhary said. Is."
Traders can take cues from durable goods orders and revised consumer sentiment data from the US. The USD-INR spot price is expected to range between Rs 82.8 and Rs 83.30, Chaudhary said.
On the domestic equity market front, benchmark equity indices hit new highs in intra-day trade before ending flat.The 30-share Sensex fell 7.65 points or 0.01 per cent to 75,410.39 and the Nifty fell 10.55 points or 0.05 per cent to 22,957.10.
Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 4,670.95 crore, according to T exchange data.