Rupee gains 13ps to 83.44/$
Fresh foreign inflows and positive tone in domestic equities may support the local currency. The dollar index was trading 0.14% lower at 105.90%
Mumbai: The rupee appreciated 13paise to settle at 83.44 against the US dollar on Thursday, supported by a positive trend in equity markets and favourable domestic macroeconomic profile.
Forex traders said the strength of the American currency in the overseas market and US dollar demand from oil marketing companies capped sharp gains for the local unit. At the interbank foreign exchange market, the local unit opened at 83.56 and hit the intraday high of 83.43 against the greenback during the session. It finally settled at 83.44 against the dollar, registering a gain of 13paise from its previous close.
On Wednesday, the rupee depreciated 14paise against the US dollar and settled at 83.57. The Indian rupee appreciated on bond-related foreign inflows ahead of their inclusion in the JP Morgan debt index, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.