Re gains 9ps to 83.44/$
Expect rupee to trade with a slight negative bias. The dollar index was trading lower at 104.08
image for illustrative purpose
Mumbai: The rupee on Thursday recovered 9paise to close at 83.44 against the US dollar, tracking a firm trend in domestic markets and upbeat macroeconomic data. A weak US dollar against major crosses overseas also supported the domestic unit. However, elevated crude oil prices and sustained foreign fund outflows capped the sharp gain, forex traders said. Moreover, market participants remained cautious ahead of the Reserve Bank’s rate-setting panel’s decision to be announced on Friday, they added.
At the interbank foreign exchange market, the local unit opened at 83.44 against the greenback. The unit hit an intra-day high of 83.42 and a low of 83.46. The local unit finally settled at 83.44 against the dollar, higher by paise from its previous close. On Wednesday, the rupee depreciated 11paise to close at 83.53 against the US dollar.
