Rupee Surges 16 Paise To Close At 76.24 Against US Dollar
Rupee's gain against the Dollar came after rate hikes by the Reserve Bank of India and US Federal Reserve on Wednesday.
The rupee appreciated by 16 paise to settle at 76.24 (provisional) against the US dollar on Thursday, tracking positive domestic equities.
At the interbank forex market, the domestic unit opened at 76.17 against the greenback. It moved in a range of 75.99 to 76.30 during the session. The currency finally closed at 76.24, registering a rise of 16 paise over its previous close.
On Wednesday, the rupee had settled at 76.40.
The Indian rupee gained against the US dollar after a surprise rate hike by the Reserve Bank of India and as the US Fed Chairman Powell pushed back against a steeper 75 BPS rate hike in the near future. Additionally, foreign fund inflows into the local assets through the LIC IPO aided sentiments. However, firm brent crude oil prices weighed on the rupee and kept the appreciation bias capped.
Meanwhile, the dollar index -- which gauges the greenback's strength against a basket of six currencies -- was trading 0.22% higher at 102.81.
On the domestic equity market front, the 30-share BSE Sensex ended 33.20 points, or 0.06%, higher at 55,702.23 points, while the broader NSE Nifty 50 rose 5.05 points or 0.03% to 16,682.65.
Brent crude futures, the global oil benchmark, advanced 0.42 per cent to USD 110.60 per barrel.
Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,288.18 crore, according to stock exchange data.