Rupee rises 23 paise to close at 82.36 against U.S. dollar

This is the second straight day of rise for the rupee, during which it has gained 25 paise. Image for representation purpose only.
| Photo Credit: Reuters

The rupee gained 23 paise and settled for the day at 82.36 (provisional) against the U.S. dollar on July 11, supported by a positive trend in equity markets and steady foreign fund inflows.

At the interbank foreign exchange market, the local unit opened at 82.42 against the U.S. dollar and settled at 82.36 (provisional), up 23 paise over its previous close.

During the day, the domestic unit witnessed an intra-day high of 82.32 and a low of 82.43.

This is the second straight day of rise for the rupee, during which it has gained 25 paise.

On Monday, the rupee had settled at 82.59 against the dollar.

“The Indian rupee appreciated for the second day in a row following foreign fund inflows and stronger Asian currencies,” said Dilip Parmar, Research Analyst, HDFC Securities.

The long liquidation from speculators and expectation of the Central bank intervention supported the rupee. In the near-term, spot USDINR is expected to face resistance around 82.95 and support at 82.20, Mr. Parmar said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22% to 101.74.

Brent crude futures, the global oil benchmark, advanced 0.33% to $77.95 per barrel.

Softness in the U.S. dollar and sustained FII inflows supported the rupee, forex traders said, adding that the strength in crude oil prices remains a concern for the rupee, as a sharp surge in prices could limit its gains.

On the domestic equity market front, the 30-share BSE Sensex closed 273.67 points or 0.42% higher at 65,617.84 points. The broader NSE Nifty advanced 83.50 points or 0.43% to 19,439.40 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth ₹588.48 crore, according to exchange data.