Re gains 17ps to close at 83.33/$
USD-INR spot price is expected to trade in a range of Rs83.20 to Rs83.70, expect the rupee to trade with a slight negative bias on strengthening of US dollar amid hawkish Fed and weak markets
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Mumbai: Rupee appreciated 17paise to close at 83.33 against the US dollar on Friday, on positive domestic markets and expectations of some fresh foreign inflows. Reports of selling of US dollars by the Reserve Bank of India (RBI) also supported the rupee, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.50 and touched an intraday high of 83.32 and a low of 83.50. The domestic unit finally settled at 83.33, a rise of 17paise from its previous close.
On Thursday, the rupee had settled at 83.50 against the US dollar. “We expect the rupee to trade with a slight negative bias on strengthening of the US dollar amid hawkish Fed speak and weak Asian and European markets. However, a positive tone in domestic markets may support the rupee at lower levels. “Any fresh FII inflows and/or RBI intervention may support rupee at lower levels. USD-INR spot price is expected to trade in a range of Rs83.20 to Rs83.70,” said Anuj Choudhary -- Research Analyst at Sharekhan by BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.73, higher by 0.26 per cent. On the domestic equity market, Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday.
