Rupee gains 11 paise to close at 82.14 against U.S. dollar

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The Rupee appreciated 11 paise to close at 82.14 (provisional) against the U.S. dollar on April 20, as crude oil prices retreated from elevated levels. Forex traders said a positive trend in domestic equities also supported the local unit.

At the interbank foreign exchange market, the local unit opened at 82.21 against the U.S. currency and finally closed at 82.14 (provisional) against the greenback, registering a gain of 11 paise over its previous close. During the session, the Rupee touched a high of 82.12 and a low of 82.21 against the dollar. On April 19, the Rupee closed at 82.25 against the U.S. currency.

According to Jateen Trivedi, VP Research Analyst at LKP Securities, the Rupee traded positively on the back of the dollar index trading below $101.70 along with weakness in crude as WTI traded below $78, giving support to the Rupee.

“Rupee continues to be in the broad range between 81.80-82.25 pricing in the interest rate probability of a hike in May policy by 0.25bps. The rupee range can continue between 81.80-82.25,” Mr. Trivedi added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08% to 101.88. Global oil benchmark Brent crude futures declined 1.65% to $81.75 per barrel.

On the domestic equity market front, the 30-share BSE Sensex advanced 64.55 points or 0.11% to end at 59,632.35, and the broader NSE Nifty gained 5.70 points or 0.03% to 17,624.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹13.17 crore, according to exchange data.