Rupee inches higher by 4 paise to end at 7488 against US dollar
Mumbai Oct 29 PTI The rupee gained 4 paise to close at 7488 provisional against the US dollar on Friday despite volatile domestic equities as IPO-related inflows and some pullback in crude oil prices supported the local unit At the interbank forex market the domestic unit opened at 7478 against the greenback and witnessed an intra-day high of 7474 and a low of 7498 during the days trade It finally ended at 7488 a dollar On Thursday the rupee had settled at 7492 against the US currency The dollar index which gauges the greenbacks strength against a basket of six currencies advanced 022 per cent to 9355 This week remained relatively calmer even after volatile domestic equities however retreat of crude oil and dollar index from high added tailwind in rupee said Dilip Parmar Research Analyst HDFC Securities With multiple IPOs lined up in coming weeks dollar supply looks huge but at the same time weakness in equities could limit the price action within range Parmar said The downside as well as upside remains capped with the market heading towards a holiday truncated week From the level front spot USDINR is likely to consolidate in the range of 7470 to 7520 Parmar said On the domestic equity market front the BSE Sensex fell 67777 points or 113 per cent to end at 5930693 while the broader NSE Nifty tanked 18560 points or 104 per cent to 1767165 Brent crude futures the global oil benchmark rose 021 per cent to USD 8450 per barrel Foreign institutional investors were net sellers in the capital market Thursday as they offloaded shares worth Rs 381851 crore as per exchange data PTI DRR MKJ
Mumbai Oct 29 PTI The rupee gained 4 paise to close at 7488 provisional against the US dollar on Friday despite volatile domestic equities as IPO-related inflows and some pullback in crude oil prices supported the local unit At the interbank forex market the domestic unit opened at 7478 against the greenback and witnessed an intra-day high of 7474 and a low of 7498 during the days trade It finally ended at 7488 a dollar On Thursday the rupee had settled at 7492 against the US currency The dollar index which gauges the greenbacks strength against a basket of six currencies advanced 022 per cent to 9355 This week remained relatively calmer even after volatile domestic equities however retreat of crude oil and dollar index from high added tailwind in rupee said Dilip Parmar Research Analyst HDFC Securities With multiple IPOs lined up in coming weeks dollar supply looks huge but at the same time weakness in equities could limit the price action within range Parmar said The downside as well as upside remains capped with the market heading towards a holiday truncated week From the level front spot USDINR is likely to consolidate in the range of 7470 to 7520 Parmar said On the domestic equity market front the BSE Sensex fell 67777 points or 113 per cent to end at 5930693 while the broader NSE Nifty tanked 18560 points or 104 per cent to 1767165 Brent crude futures the global oil benchmark rose 021 per cent to USD 8450 per barrel Foreign institutional investors were net sellers in the capital market Thursday as they offloaded shares worth Rs 381851 crore as per exchange data PTI DRR MKJ
