Rupee opened at 82.21 against the U.S. dollar and closed at 82.37, down seven paise from its previous close of 82.30 against the American currency
Rupee opened at 82.21 against the U.S. dollar and closed at 82.37, down seven paise from its previous close of 82.30 against the American currency
The rupee pared its initial gains to close 7 paise down at 82.37 (provisional) against the U.S. dollar in a restricted trade on Tuesday.
At the interbank forex market, the local unit opened at 82.21 against the greenback. It witnessed an intra-day high of 82.02 and a low of 82.37 against the American currency during the session.
It finally ended at 82.37 against the U.S. dollar, down 7 paise from its previous close of 82.30.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.18% to 112.24.
Brent crude futures, the global oil benchmark, fell 0.27% to $91.37 per barrel.
“Rupee continued to consolidate in a narrow range in the last few sessions despite volatility in major crosses. Reaction on the rupee remained muted even as the dollar fell marginally against its major crosses,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Risk on sentiment got a boost after Britain’s new Finance Minister scrapped Prime Minister Liz Truss’s proposed tax cuts and reined in her energy subsidies, Somaiya said.
The focus will be on the industrial production number from the U.S. and better-than-expected data could support the dollar, Mr. Somaiya said, adding that “we expect the USD-INR(Spot) to quote in the range of 82.20 and 82.80.”
On the domestic equity market front, the BSE Sensex ended 549.62 points or 0.94% higher at 58,960.60 points, while the broader NSE Nifty gained 175.15 points or 1.01% to 17,486.95.
Foreign institutional investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth ₹372.03 crore on Monday, according to exchange data.
