Rupee rises 8 paise to close at 7443 against US dollar
Mumbai Jan 21 PTI The Indian rupee advanced by 8 paise to close at 7443 against the US dollar on Friday helped by some correction in crude oil prices and weaker greenback against key rivals However the rupees further recovery was restricted by continuous foreign fund outflows and sell-offs in domestic equities analysts said At the interbank foreign exchange market the rupee opened at 7450 a dollar and during the day it witnessed an intra-day high of 7440 and a low of 7455 against the American currency The domestic unit finally settled at 7443 against the American currency up 8 paise over its last close of 7451 Meanwhile the US dollar index which measures the greenbacks strength against the basket of six currencies fell 013 per cent to 9561 The Indian rupee appreciated on back of fall in crude oil prices corporate dollar inflows along with exporters dollar selling and debt raising helped the rupee in trimming weekly losses said Dilip Parmar Research Analyst HDFC Securities During this week the local currency has depreciated 28 paise against the US dollar On a weekly basis spot USDINR marked the first loss in the last five weeks on the back of a surge in virus cases higher crude oil prices and policy divergence between US Federal Reserves and Indian RBI Parmar said In the coming days price action of USDINR will be determined by Crude oil prices Federal Open Market Committee FOMC meeting outcome risk sentiments and dollar inflows he added Brent crude futures the global oil benchmark fell 195 per cent to USD 8666 per barrel Gaurang Somaiyaa Forex Bullion Analyst Motilal Oswal Financial Services said Rupee traded in a narrow range despite volatility in domestic and global equities and also as the dollar retraced from higher levels On the domestic front no major cues are scheduled but from the US market participants continue to keenly watch US treasury yields that are moving higher Somaiyaa added that on Friday volatility for the dollar could remain low as no economic data is expected to be released from the US Investors could take some cues from the treasury secretary Janet Yellens speech On the domestic equity market front the BSE Sensex ended 42744 points or 072 per cent lower at 5903718 while the broader NSE Nifty declined 13985 points or 079 per cent to 1761715 Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 467984 crore as per stock exchange data PTI DRR MKJ
Mumbai Jan 21 PTI The Indian rupee advanced by 8 paise to close at 7443 against the US dollar on Friday helped by some correction in crude oil prices and weaker greenback against key rivals However the rupees further recovery was restricted by continuous foreign fund outflows and sell-offs in domestic equities analysts said At the interbank foreign exchange market the rupee opened at 7450 a dollar and during the day it witnessed an intra-day high of 7440 and a low of 7455 against the American currency The domestic unit finally settled at 7443 against the American currency up 8 paise over its last close of 7451 Meanwhile the US dollar index which measures the greenbacks strength against the basket of six currencies fell 013 per cent to 9561 The Indian rupee appreciated on back of fall in crude oil prices corporate dollar inflows along with exporters dollar selling and debt raising helped the rupee in trimming weekly losses said Dilip Parmar Research Analyst HDFC Securities During this week the local currency has depreciated 28 paise against the US dollar On a weekly basis spot USDINR marked the first loss in the last five weeks on the back of a surge in virus cases higher crude oil prices and policy divergence between US Federal Reserves and Indian RBI Parmar said In the coming days price action of USDINR will be determined by Crude oil prices Federal Open Market Committee FOMC meeting outcome risk sentiments and dollar inflows he added Brent crude futures the global oil benchmark fell 195 per cent to USD 8666 per barrel Gaurang Somaiyaa Forex Bullion Analyst Motilal Oswal Financial Services said Rupee traded in a narrow range despite volatility in domestic and global equities and also as the dollar retraced from higher levels On the domestic front no major cues are scheduled but from the US market participants continue to keenly watch US treasury yields that are moving higher Somaiyaa added that on Friday volatility for the dollar could remain low as no economic data is expected to be released from the US Investors could take some cues from the treasury secretary Janet Yellens speech On the domestic equity market front the BSE Sensex ended 42744 points or 072 per cent lower at 5903718 while the broader NSE Nifty declined 13985 points or 079 per cent to 1761715 Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 467984 crore as per stock exchange data PTI DRR MKJ
