Rupee rises 8 paise to close at 79.79 against US dollar
PTI, Sep 5, 2022, 4:55 PM IST
Representational Image
Mumbai: The rupee appreciated 8 paise to close at 79.79 (provisional) against the US dollar on Monday, in line with a firm trend in domestic equities.
However, the strengthening of the American currency in the overseas market restricted the rupee’s gain, forex dealers said.
At the interbank forex market, the local unit opened at 79.84 against the greenback. It witnessed an intra-day high of 79.79 and a low of 79.90 against the American currency during the session.
It finally ended at 79.79 against the US dollar, up 8 paise from its previous close of 79.87.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.28 percent to 109.83.
Brent crude futures, the global oil benchmark, rose 2.75 percent to USD 95.58 per barrel.
“Rupee consolidated in a narrow range despite the dollar rising to a 30-year high. Gains in the dollar extended after non-farm payrolls numbers released from the US came in better-than-estimates,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Euro and pound opened lower as the strength in the dollar continued.
“We expect the USD/INR(Spot) to trade sideways with a positive bias and quote in the range of 79.40 and 80.05,” Somaiya said.
On the domestic equity market front, the BSE Sensex ended 442.65 points or 0.75 percent higher at 59,245.98 points, while the broader NSE Nifty gained 126.35 points or 0.72 percent to 17,665.80.
Foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 8.79 crore, as per exchange data.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Elon Musk in Beijing amid efforts to promote Tesla’s autonomous driving tech
Corporate earnings, US Fed interest rate decision to drive markets in holiday-shortened week: Analysts
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
MUST WATCH
Latest Additions
Some countries, institutions want weak govt to make easy profits: PM Modi
People can talk anything they want to, I know my game better: Virat Kohli on his strike rate
Sexual harassment, stalking case registered against ex-minister H D Revanna and his son Prajwal
Reservation row: Congress campaign ‘biggest lie’ of the decade, says Kishan Reddy
BJP trying religious polarisation in Nagaon: Congress candidate Pradyut Bordoloi