Rupee gains 9ps to 83.30/$
Expect the rupee to trade with a slight negative bias on risk aversion in global markets and a strong US dollar
image for illustrative purpose
Mumbai: The rupee appreciated 9paise to close at 83.30 against the US dollar as the Reserve Bank of India on Friday kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. However, a strong US dollar against major rivals overseas and elevated crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.44 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.45. The local unit finally settled at 83.30 against the dollar, 9paise higher from its previous close.
On Thursday, the rupee recovered 14paise to close at 83.39 against the US dollar. The rupee gained as the RBI’s monetary policy remained the focus. The central bank kept CPI and GDP projections for FY25 unchanged at 4.5 per cent and 7 per cent, respectively, said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.
