Re rises 7ps to 82.83/$

Mumbai: The rupee appreciated 7paise to settle at 82.83 against the US dollar on Wednesday, buoyed by a weak American currency against major rivals overseas and a rally in domestic equities. However, surging crude oil prices in international markets put pressure on the local currency and restricted the rise, forex traders said. At the interbank foreign exchange market, the local unit opened at 82.90 and oscillated between the peak of 82.82 and the lowest level of 82.91 against the greenback during intra-day deals. The currency finally settled at 82.83, registering a gain of 7paise from its previous close.

On Tuesday, the rupee settled flat at 82.90 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined by 0.19 per cent to 103.55. Analysts attributed the downward movement in the dollar index to the services PMI (Purchasing Managers’ Index) data in the US, which showed the sector’s growth in February fell short of expectations.