Rupee rises 47 paise to close at 79.44 against U.S. dollar

At the interbank Forex market, the local unit opened at 79.92

August 30, 2022 05:36 pm | Updated 05:36 pm IST - Mumbai

File.

File. | Photo Credit: PTI

The rupee appreciated by 47 paise to close at 79.44 (provisional) against the U.S. dollar on August 30, supported by a firm trend in domestic equities.

At the interbank Forex market, the local unit opened at 79.92 against the greenback. It witnessed an intra-day high of 79.44 and a low of 79.92 against the American currency during the session.

It finally ended at 79.44 against the U.S. dollar, up 47 paise from its previous close of 79.91.

In the previous session, the rupee depreciated 7 paise to close at 79.91 against the American dollar. The rupee fell to its all-time low of 80.15 against the U.S. dollar in intra-day trade.

Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, slipped 0.06% to 108.76.

Brent crude futures, the global oil benchmark, fell 2.23% to $102.75 per barrel.

"Indian rupee outperformed among the regional currencies following month-end rebalancing inflows and recovery in risk assets on the expectation of inflows. Most of the Asian currencies firmed after a sharp drop on Monday," said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said that the rupee registered the biggest one-day gains after July 29, and Tuesday's move affirms the short-term reversal in the trend and "we could see further appreciation towards 79.20 and 78.70 while breaking of 79.80 will negate the said view," he said.

On the domestic equity market front, the BSE Sensex ended 1,564.45 points or 2.70% higher at 59,537.07 points, while the broader NSE Nifty gained 154.10 points or 0.89% to 17,467.00.

Foreign institutional investors remained net sellers in the capital market on Monday, offloading shares worth ₹561.22 crore, as per 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.