Rupee inches 3 paise higher to close at 77.53 against US dollar
- Country:
- India
The rupee inched 3 paise higher to close at 77.53 (provisional) against US dollar on Friday, supported by a rebound in domestic equities.
At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.60 in the day's trade.
The rupee finally ended at 77.53, higher by 3 paise over its previous close of 77.56.
According to Dilip Parmar, Research Analyst, HDFC Securities, the lack of dollar demand and rebound in domestic equities augur well for the rupee.
The dollar is about 2 per cent off its recent high, seen last week, as risk-assets rebound after the People's Bank of China (PBOC) announced a 15 bps cut in the 5-year Loan Prime Rate to support the economy.
The dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level.
On the domestic equity market front, the BSE Sensex rebounded 1,534.16 points or 2.91 per cent to end at 54,326.39, while the broader NSE Nifty jumped 456.75 points or 2.89 per cent to 16,266.15.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 102.88.
Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 4,899.92 crore, as per stock exchange data Brent crude futures, the global oil benchmark, rose 0.10 per cent to USD 112.15 per barrel.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- USD 112.15
- BSE Sensex
- 54
- 326.39
- forex
- PBOC
- People's Bank of China
- HDFC Securities
- Dilip Parmar
ALSO READ
FOREX-Light wind in dollar's sails after bumper US payrolls
FOREX-Dollar pauses ahead of US inflation data, yen nears 1990 lows
FOREX-US dollar drifts lower ahead of inflation data; yen nears 1990 lows
FOREX-US dollar skids ahead of inflation data; yen not far from 1990 lows
FOREX-Yen feels the heat as US Treasury yields climb