Rupee rises 15 paise to close at 82.70 against US dollar


MUMBAI: The rupee appreciated 15 paise to 82.70 against the US dollar on Wednesday, helped by foreign capital inflows.
A strong dollar against key overseas peers and weak domestic stocks weighed on the local unit and limited the appreciation trend, forex traders said.
In the interbank FX market, the local unit opened at 82.83 against the US dollar and closed at 82.70, 15 paise higher than its previous close.
During the day, the domestic unit posted an intraday high of 82.64 and a low of 82.84 in intraday trading.
On Tuesday, the rupee closed at 82.85 against the US currency.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.18 percent to 103.67.
Global oil benchmark Brent crude futures rose 1.81 percent to $78.23 a barrel.
The rupee has appreciated on the weak dollar and FII inflows, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
The US dollar gained safe haven appeal on Wednesday as the impasse on the debt ceiling continues and has markets on edge. Mixed to positive economic data from the US also supported the dollar, Choudhary said.
“We expect the rupee to trade with a negative bias towards risk aversion in global markets and a rise in crude oil prices. The deadlock in debt ceiling negotiations has worsened global risk sentiment.”
“However, FII inflows could support the rupee at lower levels. Traders might remain cautious ahead of FOMC minutes for clues.” fed‘s political session in June. “We expect the USD/INR spot rate to trade between 82.30 and 83.30 in the short-term,” Choudhary added.
In the domestic stock market, the 30-stock BSE Sensex fell 208.01 points, or 0.34 percent, to close at 61,773.78 points overall NSE Nifty fell 62.60 points, or 0.34 percent, to 18,285.40 points.
Foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday, buying shares worth Rs. 182.51 crore, according to stock market data.

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