The rupee on Wednesday edged higher by 45 paise at 81.47 (provisional) against the US dollar amid weakness in the dollar and continued inflow of foreign funds.
In the interbank foreign market, the local unit opened at 81.43 and also noticed an intra-day ecstasy of Rs 81.23 and a downward of Rs 81.62 during the trial.
The local unit finally shut down at 81.47 against the US currency, providing an increase of 45 paise over its earlier close.
On Monday, the rupee had shut down at 81.92 versus the US dollar. The forex market was shut down on Tuesday on account of the auspicious occasion of Gurunanak Jayanti.
At the same time, the dollar index, which measures the greenback’s vitality against a basket of six currencies, is now up 0.18 percent to 109.83. Widespread oil benchmark Brent crude prospects drop 0.64 percent to 94.75 dollars per cask.
The rupee has continued to strengthen as the broader dollar has seen selling pressure at higher levels. Gaurang Somaiya, forex and bullion reviewer at Motilal Oswal Financial Services, has said that the greenback continues to lose weight ahead of the US midterm election outcomes.
The suggestion from some market participants is that Republicans are having a powerful opportunity of conquering a closed race for a majority in the House and Senate supervision.
Somaiya has said that we predict USD-INR (Spot) to trade sideways as well as bid in the range of 81.30 and 81.80.
On the domestic capital market front, the 30-share BSE Sensex stopped 151.60 points or 0.25 percent deeper at 61,033.55, while the wider NSE Nifty dropped 45.80 points or 0.25 percent to halt at 18,157.00.
Foreign institutional investors (FIIs) were known as net buyers in the stock market as they bought stakes worth Rs 1,948.51 crore on Monday, as stated by trade data.
