Mumbai: The rupee on Thursday recovered from its all-time low and closed 9 paise higher at 83.52 against the US dollar as Brent crude oil prices retreated from their highs.
At the interbank foreign exchange market, the local unit opened at 83.51 against the greenback. The unit touched an intra-day high of 83.49.
The domestic unit finally closed at 83.52 against the dollar, 9 paise higher than its previous close.
On Tuesday, the rupee fell by 17 paise to its lowest level of 83.61 against the US dollar for the second time in four weeks."We expect the rupee to remain slightly weaker as the US dollar is expected to remain strong due to hawkish comments from Fed officials and fears of a delay in rate cuts by the US Federal Reserve," said Anuj Chaudhary, research analyst at Sharekhan. BNP Paribas said.
Chaudhary further said that geopolitical uncertainties could put pressure on the rupee at higher levels. Also, markets are hoping to take cues from Israel's response to Iran's attack.
According to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, "The rupee remained range-bound as dollar selling by the RBI was possible, while oil and FPIs continued buying as the stock market advanced for the fourth consecutive time." The day declined."In the morning session on Friday, I expect the rupee to remain in the range of 83.40 to 83.60."
Foreign exchange and currency markets were closed on Wednesday on the occasion of 'Ram Navami'.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.07 percent lower at 105.87.
Brent crude futures, the global oil benchmark, fell 0.93 per cent to US$86.4 per barrel.
On the domestic equity market front, benchmark indices Sensex and Nift witnessed heavy volatility.After opening on a positive note, both the indices pared their gains and fell into negative territory.
The Sensex fell 454.69 points or 0.62 percent to close at 72,488.99. Nifty fell 152.05 points or 0.69 percent and closed at 21,995.85.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 4,260.33 crore, according to T exchange data.
At the interbank foreign exchange market, the local unit opened at 83.51 against the greenback. The unit touched an intra-day high of 83.49.
The domestic unit finally closed at 83.52 against the dollar, 9 paise higher than its previous close.
On Tuesday, the rupee fell by 17 paise to its lowest level of 83.61 against the US dollar for the second time in four weeks."We expect the rupee to remain slightly weaker as the US dollar is expected to remain strong due to hawkish comments from Fed officials and fears of a delay in rate cuts by the US Federal Reserve," said Anuj Chaudhary, research analyst at Sharekhan. BNP Paribas said.
Chaudhary further said that geopolitical uncertainties could put pressure on the rupee at higher levels. Also, markets are hoping to take cues from Israel's response to Iran's attack.
According to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, "The rupee remained range-bound as dollar selling by the RBI was possible, while oil and FPIs continued buying as the stock market advanced for the fourth consecutive time." The day declined."In the morning session on Friday, I expect the rupee to remain in the range of 83.40 to 83.60."
Foreign exchange and currency markets were closed on Wednesday on the occasion of 'Ram Navami'.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.07 percent lower at 105.87.
Brent crude futures, the global oil benchmark, fell 0.93 per cent to US$86.4 per barrel.
On the domestic equity market front, benchmark indices Sensex and Nift witnessed heavy volatility.After opening on a positive note, both the indices pared their gains and fell into negative territory.
The Sensex fell 454.69 points or 0.62 percent to close at 72,488.99. Nifty fell 152.05 points or 0.69 percent and closed at 21,995.85.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 4,260.33 crore, according to T exchange data.
