Rupee Rises 10ps To 84.31/$

Mumbai: The rupee appreciated 10paise to close at 84.31 against US dollar on Monday, supported by a firm trend in domestic equities amid improved investor risk appetite. Forex traders said investor sentiment got a boost after the Israeli ambassador to Washington said the Hezbollah ceasefire deal could come “within days”. At the interbank foreign exchange, the rupee opened at 84.38 and touched an intra-day high of 84.25 against the greenback. The unit ended the session at 84.31 against the dollar, registering a rise of 10paise over its previous close. On Friday, the rupee recovered from its all-time low level and appreciated 9paise to close at 84.41 against the US dollar. “The US bonds are rallying on Trump appointing Scott Bessent as his Treasury Secretary. It is to be known that Bessent is a deficit hawk, so the possibility of a reduction in borrowing is weighing on the yields, in turn supporting the INR. “In addition, geopolitical concerns are somewhat contained as Israel may reach a ceasefire deal with Hezbollah and there has not been any concerning developments in the ongoing Russia-Ukraine war either,” Praveen Singh -- Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said. The USD-INR pair may trade range-bound in the very short term.