Rupee rises 19 paise to end at 82.51 against U.S. dollar

At the interbank foreign exchange market, the rupee opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the U.S. dollar

February 08, 2023 04:52 pm | Updated 05:35 pm IST - Mumbai

The rupee settled at 82.51 aginst the U.S. dollar, up 19 paise over its previous close of 82.70.

The rupee settled at 82.51 aginst the U.S. dollar, up 19 paise over its previous close of 82.70. | Photo Credit: Reuters

The rupee appreciated 19 paise to close at 82.51 (provisional) against the U.S. dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points.

A rally in the domestic equity markets and weakness in the greenback against major crosses overseas also supported the rupee, forex traders said.

However, surging crude prices in the international market and persistent foreign fund outflows restricted the appreciation bias in the local unit, they added.

At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback.

It finally settled at 82.51, up 19 paise over its previous close of 82.70.

The Reserve Bank of India slowed the pace of interest rate increases for the second straight time when it on Wednesday expectedly increased borrowing cost by 25 basis points but hinted more to come as core inflation remained high.

The central bank projected India's economic growth at 6.4% for 2023-24, broadly in line with the estimate of the Economic Survey tabled in Parliament last week.

It also estimated retail inflation to ease to 5.3% in the next fiscal from 6.5% this year on assumptions of lower imported inflation, even though core inflation remains sticky.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.38% to 103.03.

Global oil benchmark Brent crude futures rose 1.31% to $84.79 per barrel.

On the domestic equity market front, the 30-share BSE Sensex jumped 377.75 points or 0.63% to end at 60,663.79, while the broader NSE Nifty advanced 150.20 points or 0.85% to 17,871.70.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth ₹2,559.96 crore, according to exchange data.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.