Rupee gains 6 paise to close at 82.00 against US dollar


MUMBAI: The rupee consolidated in a tight range and settled 6 paise higher against the US dollar at 82.00 (prelim) on Wednesday as investors remained on hold ahead of the crucial US inflation data.
Forex traders said substantial inflows of foreign funds, a firm trend in domestic stocks and falling crude oil prices also supported the local entity.
On the interbank FX market, the local unit opened at 82.06 vs US currency and finally closed at 82.00 (tentative), up 6 Paise from the previous close.
During the session, the rupee hit a high of 81.96 and a low of 82.09 against the dollar.
On Tuesday, the rupee closed at 82.06 against the US currency.
Traders said investors were cautious as they awaited inflation data from the US later in the day.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.07 percent to 101.67.
Global oil benchmark Brent crude futures fell 1.39 percent to $76.36 a barrel.
“The Indian rupee recovered after Tuesday’s sell-off as imported commodity prices fell ahead of key US inflation data. The local currency opened flat against the US dollar and consolidated between 82.09 and 81.96 on light volume,” said Dilip Parmar, Research Analyst. HDFC Securities.
In the short-term, “we expect spot USDINR to consolidate in the 82.30-81.80 range,” Parmar added.
Meanwhile, India’s inflation data, expected later in the week, will provide clues on the Reserve Bank of India’s next rate hike moves, traders said.
In the domestic stock market, the 30-stock BSE Sensex rose 178.87 points, or 0.29 percent, to close at 61,940.20 points, and the broader NSE Nifty rose 49.15 points, or 0.27 percent, to 18,315.10 Points.
Foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday, buying shares worth Rs.1,942.19 crore, according to stock market data.

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