Mumbai: The rupee on Friday closed 17 paise higher at 83.33 (provisional) against the US dollar on expectations of positive domestic markets and some fresh foreign inflows.
Forex traders said the rupee received support from the report of US dollar sales by the Reserve Bank of India (RBI).
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 83.33 (provisional), up 17 paise from its previous close.
The rupee had closed at 83.50 against the US dollar on Thursday.
“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 Chaudhary, research analyst at Sharekhan by BNP Paribas. USD-INR spot price is expected to trade between Rs 83.20 and Rs 83.70. hopefully."
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.26 percent higher at 104.73.
Brent crude futures, the global oil benchmark, rose 0.13 percent to US$83.3 a barrel.
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) were net sellers in the capital market on Thursday as they sold shares worth Rs 776.49 crore, according to T exchange data.
Forex traders said the rupee received support from the report of US dollar sales by the Reserve Bank of India (RBI).
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 83.33 (provisional), up 17 paise from its previous close.
The rupee had closed at 83.50 against the US dollar on Thursday.
“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 Chaudhary, research analyst at Sharekhan by BNP Paribas. USD-INR spot price is expected to trade between Rs 83.20 and Rs 83.70. hopefully."
Meanwhile, the dollar index, which gauges the greenback's strength against six currencies, was trading 0.26 percent higher at 104.73.
Brent crude futures, the global oil benchmark, rose 0.13 percent to US$83.3 a barrel.
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) were net sellers in the capital market on Thursday as they sold shares worth Rs 776.49 crore, according to T exchange data.
