Rupee Gains 3 Paise to 82.88 vs US Dollar - News
Feb 26, 2024 20:36
The Indian rupee closed 3 paise higher at 82.88 against the US dollar on Monday, supported by softer crude oil prices and a retreating dollar. The rupee is expected to remain volatile in the coming week due to several economic data releases.
Mumbai, Feb 26 (PTI) The rupee gained 3 paise to settle at 82.88 against the US dollar in a range-bound trade on Monday, tracking volatility in the equity market.
Forex traders said softer crude oil prices provided support to the Indian currency.
Also, the dollar retreated from higher levels as investors moved cautiously ahead of inflation and other macroeconomic data to be released in India and elsewhere this week, they said.
At the interbank foreign exchange market, the local unit opened at 82.88 and finally settled at 82.88 against the dollar, registering a gain of 3 paise from its previous close.
During the day, the rupee witnessed a range-bound movement, touching an intra-day high of 82.86 and a low of 82.91 against the American currency.
On Friday, the rupee settled 6 paise lower at 82.91 against the US dollar.
"The week is anticipated to be data-heavy, with several major economic releases scheduled. These events are likely to keep both the US dollar and the rupee busy as traders react to the incoming data. Rupee's broad range is expected to remain between 82.70 and 83.15, reflecting the ongoing volatility and uncertainty in the currency markets," Jateen Trivedi, VP Research Analyst, LKP Securities said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.05 per cent lower at 103.80.
Brent crude futures, the global oil benchmark, was trading 0.58 per cent lower at USD 81.15 per barrel.
On the domestic equity market front, Sensex declined 352.67 points, or 0.48 per cent, to settle at 72,790.13 points. The Nifty fell 90.65 points, or 0.41 per cent, to 22,122.05 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they sold shares worth Rs 285.15 crore on net basis, according to exchange data.
India's forex reserves declined USD 5.24 billion to USD 617.23 billion for the week ending February 9, according to weekly data released by the Reserve Bank of India (RBI) on Friday.
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