Re rises 5ps to 83.32/$
image for illustrative purpose
Mumbai: The rupee appreciated 5paise to close at 83.32 against the US dollar on Wednesday, helped by a bullish trend in domestic equities and sustained foreign fund inflows. Forex traders said elevated American currency in the overseas markets and dollar buying by the Reserve Bank of India (RBI) capped sharp gains for the local unit.
The rupee consolidated in a narrow range as investors remained on the sidelines ahead of the RBI’s monetary policy decision later this week. At the interbank foreign exchange market, the local unit opened at 83.35 against the greenback. The rupee oscillated between an intra-day low of 83.37 and a high of 83.29 against the greenback and finally settled at 83.32 against the dollar, higher by 5 paise from its previous close, even as domestic benchmark indices touched new lifetime peaks.
On Tuesday, the rupee settled at 83.37 against the dollar. “We expect the rupee to trade with a slight negative bias on positive tone in the US Dollar and fresh foreign inflows.
