The rupee rises 47 paise to close at 79.44 against the US dollar

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The rupee appreciated 47 paise to close at 79.44 (provisional) against the US dollar on Tuesday, supported by a firm trend in domestic equities. On the interbank forex market, the local unit opened at 79.92 against the greenback. It saw an intraday high of 79.44 and a low of 79.92 against the US currency during the session.

It eventually ended at 79.44 against the US Dollar, up 47 paise from its previous close of 79.91. In the previous session, the Rupee depreciated 7 paise to close at 79.91 against the US Dollar. The rupee fell to an all-time low of 80.15 against the US dollar in intraday trading.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.06% to 108.76. Brent futures, the global oil benchmark, fell 2.23% to $102.75 a barrel.

“The Indian Rupee outperformed among regional currencies after month-end rebalancing inflows and risky assets rallied awaiting inflows. Most Asian currencies firmed after a sharp decline on Monday,” said Dilip Parmar, research analyst at HDFC Securities. Parmar further said the rupiah saw the largest one-day gains after July 29, and Tuesday’s move confirms the near-term trend reversal and “we could see further appreciation towards 79.20 and 78.70 while the breakout of 79.80 will negate said view,” he said.

On the domestic stock market front, the BSE Sensex finished 1,564.45 points or 2.70% higher at 59,537.07 points, while the broader NSE Nifty gained 154.10 points or 0.89 % to 17,467.00. Foreign institutional investors remained net sellers in the capital market on Monday, offloading shares worth Rs 561.22 crore, according to exchange data.

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