Rupee edges up by 3 paise at 53.82 vs US Dollar

A file picture of Indian currency.

In listless trading, the rupee Wednesday edged up by just three paise to close at 53.82 against the US dollar amid mild dollar selling by exporters.

Slightly weak dollar overseas and positive capital inflows also supported the rupee rise, forex traders said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 53.79 a dollar and touched a high of 53.75 on strong rally in equities as the BSE benchmark Sensex was up by over 160 points in late morning deals.

Later, the rupee fell back to a low of 53.92 before concluding at 53.82, showing a rise of three paise or 0.06 per cent. On Tuesday, the rupee had settled stable at 53.85.

Dealers said the country’s trade balance numbers were inline with expectations as India’s exports rose an annual 0.8 per cent in January and imports for the month rose 6 per cent, leaving a trade deficit of $ 20 billion.

The Indian benchmark Sensex on Wednesday wiped out major part of its early gains, still closing higher by 47.04 points higher.

The dollar index was also down by 0.03 per cent against a basket of six major currencies while New York crude oil was trading near $ 97.5 a barrel in Europe on Wednesday.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: “The rupee witnessed of its narrowest trading range for the day but on a firmer tone after the dollar index edged lower towards the 79.90 levels. The pair lacked momentum and didn’t gain much even after a gap down open.”