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Tuesday, January 31, 2023

Rupee gains 10 paise to close at 82.28 against U.S. dollar

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The rupee appreciated by 10 paise to close at 82.28 (provisional) against the U.S. dollar on December 9, tracking the weakening of the American currency in the overseas market.

Forex traders said muted domestic equities and foreign fund outflows weighed on investor sentiments and restricted the gains.

At the interbank foreign exchange market, the local unit opened at 82.30 and touched an intra-day high of 82.08 and a low of 82.33 against the greenback.

It finally settled at 82.28, registering a rise of 10 paise over its previous close of 82.38.

Forex traders said investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes.

“Focus will now be shifting to the FOMC policy statement. The central bank could raise rates by 50 bps and maintain a less hawkish stance,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“We expect the USD-INR (Spot) to trade sideways and quote in the range of 82.20 and 82.80,” Somaiya added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.06% to 104.71.

Global oil benchmark Brent crude futures rose 1.22% to $77.08 per barrel.

On the domestic equity market front, the 30-share BSE Sensex declined 389.01 points or 0.62% to end at 62,181.67, while the broader NSE Nifty fell 112.75 points or 0.61% to 18,496.60.

Foreign Institutional Investors (FIIs) remained net sellers in the capital markets on Thursday as they offloaded shares worth ₹1,131.67 crore, according to exchange data.

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