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The domestic currency’s local unit opened at 79.66 against the greenback in the interbank forex market, It performed an intra-day high of 79.47 and a low of 79.66 during the session
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The Indian rupee appreciated 12 paise to close at 79.57 versus the US dollar on Friday, tracking positive domestic equities and foreign fund inflows.
The domestic currency’s local unit opened at 79.66 against the greenback in the interbank forex market, It performed an intra-day high of 79.47 and a low of 79.66 during the session.
The rupee closed at 79.57, up 12 paise from its earlier close of 79.69.
The dollar index fell 0.98 per cent to 108.63, which measures the greenback's strength against a basket of six currencies.
Brent crude futures, the global oil benchmark, advanced 1.72 per cent to USD 90.68 per barrel.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas said that the rupee appreciated positive domestic equities and a weak US dollar. The dollar declined by more than 1 per cent on a sharp bounce amid an unprecedented 75 bps rate hike by ECB to 1.25 per cent.
He also said that global inflationary pressures may also put pressure on riskier assets. Despite this, dollar weakness and positive cues from global markets may support Rupee at lower levels. Choudhary expected that the USD-INR spot price is to trade in a range of Rs 79 to Rs 80.30 in the upcoming sessions.
BSE Sensex ended 104.92 points or 0.18 per cent higher at 59,793.14 in the domestic equity market, while the broader NSE Nifty rise 34.60 points or 0.19 per cent to 17,833.35.