Mumbai: The rupee on Friday closed 13 paise higher at 83.37 against the US dollar due to positive sentiment in domestic equity markets and pick up in foreign fund inflows.
Besides, stable crude oil prices in international markets and risk-off sentiment among investors supported the local unit, forex traders said.
At the interbank forex market, the local unit opened at 83.50 and touched a high of 83.32 and a low of 83.50 intraday.
The domestic unit finally closed at 83.37, 13 paise higher than its previous close.
The rupee had closed at 83.50 against the US dollar on Thursday."The rupee recovered after a prolonged period of strength amid selling by exporters as well as dollar supply by state-level banks. Asian currencies declined in today's trade due to steady crude oil prices and risk-on sentiments in the debt market. This helped the rupee to perform better against Rs.
“In the near term, spot USD/INR has support at 83.30 and break of SAM will lead to decline towards 83.15, while at higher levels 83.60 will become key resistance,” said Dilip Parmar, Research Analyst at HDFC Securities.
In the domestic equity market, the 30-share BSE Sensex closed at 73,917.03, up 253.31 points or 0.34 per cent. The broader NSE Nifty closed at 22,466.10, up 62.25 points or 0.28 per cent.Foreign institutional investors (FIIs) became net buyers in the capital market on Friday as they bought shares worth Rs 1,616.79 crore, according to exchange data.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.26 percent higher at 104.73.
Global oil benchmark Brent crude futures rose 0.13 percent to US$83.3 a barrel.
“We expect the rupee to trade with a slight downside bias amid dovish talks by the Fed and strengthening of the US dollar amid weak Asian and European markets. However, a positive trend in domestic markets may support the rupee at lower levels."Any fresh FII inflows and/or RBI intervention may provide support to the rupee at lower levels," said Anuj Choudhary, research analyst at Sharekhan by BNP Paribas. USD-INR spot price is expected to trade between Rs 83.20 and Rs 83.70. hopefully." .
Besides, stable crude oil prices in international markets and risk-off sentiment among investors supported the local unit, forex traders said.
At the interbank forex market, the local unit opened at 83.50 and touched a high of 83.32 and a low of 83.50 intraday.
The domestic unit finally closed at 83.37, 13 paise higher than its previous close.
The rupee had closed at 83.50 against the US dollar on Thursday."The rupee recovered after a prolonged period of strength amid selling by exporters as well as dollar supply by state-level banks. Asian currencies declined in today's trade due to steady crude oil prices and risk-on sentiments in the debt market. This helped the rupee to perform better against Rs.
“In the near term, spot USD/INR has support at 83.30 and break of SAM will lead to decline towards 83.15, while at higher levels 83.60 will become key resistance,” said Dilip Parmar, Research Analyst at HDFC Securities.
In the domestic equity market, the 30-share BSE Sensex closed at 73,917.03, up 253.31 points or 0.34 per cent. The broader NSE Nifty closed at 22,466.10, up 62.25 points or 0.28 per cent.Foreign institutional investors (FIIs) became net buyers in the capital market on Friday as they bought shares worth Rs 1,616.79 crore, according to exchange data.
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.26 percent higher at 104.73.
Global oil benchmark Brent crude futures rose 0.13 percent to US$83.3 a barrel.
“We expect the rupee to trade with a slight downside bias amid dovish talks by the Fed and strengthening of the US dollar amid weak Asian and European markets. However, a positive trend in domestic markets may support the rupee at lower levels."Any fresh FII inflows and/or RBI intervention may provide support to the rupee at lower levels," said Anuj Choudhary, research analyst at Sharekhan by BNP Paribas. USD-INR spot price is expected to trade between Rs 83.20 and Rs 83.70. hopefully." .
