The rupee closed six paise higher at 82.95 per dollar against the American currency on Friday.
The rupee strengthened for the eighth consecutive trading session on Friday and closed at a four-month high. The rupee has had the best performance among the currencies of Asia-Pacific at the beginning of the year. According to the data, the rupee has strengthened by 0.4 percent so far in January. Due to the bullish trend in the stock market, the rupee on Friday closed six paise higher at 82.95 per dollar against the American currency in the interbank foreign exchange market. Market sources said that due to increase in crude oil prices and strengthening of dollar, there was some curb on the rise of rupee. He said investors were also a little worried about the inflation and index of industrial production (IIP) data to be released in the evening.
The rupee opened weak at 83.08 per dollar in the interbank foreign exchange market. During trading it remained in the range of 82.86 to 83.10 per dollar. In the end, amid the strong bullish trend in the domestic stock market, it closed at 82.95 per dollar with a strength of six paise against the US dollar. On Thursday, the rupee had closed with a rise of two paise at 83.01 per dollar. The rupee has strengthened by 37 paise in the last eight trading sessions. On January 2, it had closed at the level of 83.32 per dollar.
Anuj Choudhary, research analyst at Sharekhan by BNP Paribas, said the rupee gained due to stronger domestic markets and a weaker US dollar. However, a surge in crude oil prices amid rising tensions in West Asia limited the sharp gains. Meanwhile, the dollar index, which gauges the US dollar against six currencies, was up 0.09 per cent at 102.38.
Global oil benchmark Brent crude futures rose 2.95 percent to $ 79.69 per barrel. BSE's 30-share Sensex closed at 72,568.45 points with a gain of 847.27 points. According to stock market data, foreign institutional investors (FIIs) were net sellers in the capital market. He sold shares worth Rs 340.05 crore on Friday.
Published – January 13, 2024, 02:49 IST
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