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Forex traders said the rupee is likely to trade on a mixed note in the near term and the recovery in domestic markets from lower levels and FII inflows may support the local unit.
Forex traders said the rupee is likely to trade on a mixed note in the near term and the recovery in domestic markets from lower levels and FII inflows may support the local unit.
The rupee depreciated by 36 paise to close at ₹79.61 (provisional) against the U.S. dollar on Thursday amid rising crude oil prices.
At the interbank foreign exchange market, the local currency opened at ₹79.22 and saw an intra-day high of ₹79.22 and a low of ₹79.69 against the American currency.
It finally ended at ₹79.61, down 36 paise over its previous close of ₹79.25.
Forex traders said the rupee is likely to trade on a mixed note in the near term. Recovery in domestic markets from lower levels and FII inflows may support the local unit.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.23% to 104.95, after official data showed that U.S. inflation slowed down from a 40-year high in June to 8.5% in July on lower gasoline prices.
Traders said investors now will focus on key domestic macroeconomic data points like index of industrial production (IIP), consumer price index (CPI) and trade balance numbers due on Friday for further cues.
Brent crude futures, the global oil benchmark, advanced 0.84% to $98.22 per barrel.
On the domestic equity market front, the BSE Sensex ended 515.31 points or 0.88% higher at 59,332.60 points, while the broader NSE Nifty advanced 124.25 points or 0.71% to 17,659.00 points.
Foreign institutional investors remained net buyers in the capital market on Wednesday as they purchased shares worth ₹1,061.88 crore, as per exchange data.
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