Rupee surges 18 paise to close at 76.43 against US dollar

The rupee finally closed at 76.43, registering a rise of 18 paise over its previous close.
Rupee surges 18 paise to close at 76.43 against US dollar
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New Delhi: The rupee appreciated 18 paise to settle at 76.43 (provisional) against the US dollar on Friday, tracking a weak greenback overseas and fresh foreign fund inflows.

At the interbank forex market, the domestic unit opened at 76.62 against the US dollar. It moved in the range of 76.63 to 76.29 during the day trade.

The rupee finally closed at 76.43, registering a rise of 18 paise over its previous close.

On Thursday, the rupee had settled at 76.61 against the US currency.

According to HDFC Securities Research Analyst Dilip Parmar, the rupee appreciated on the expectation of better inflows, a retreat in the dollar index and a rebound in risk assets.

''Market participants are expecting good inflows in LIC IPO after the recent oversubscription of Campus Activewear,'' Parmar said.

Moreover, the rupee has shown resilience among Asian currencies on the back of Central Bank intervention and inflows, he said.

''Dollar index is due for some consolidation under 104, given the technical indicators are registering some overbought readings. Bidders are waiting for a dip and positioning for a rally on the back of hawkish Federal Reserves and policy divergence with other developed nations,'' he noted.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.57 per cent lower at 103.03.

On the domestic equity market front, the 30-share BSE Sensex ended 460.19 points or 0.80 per cent lower at 57,060.87, while the broader NSE Nifty fell 142.50 points or 0.83 per cent to 17,102.55.

Brent crude futures, the global oil benchmark, inched up 1.78 per cent to USD 109.51 per barrel.

Foreign institutional investors remained net buyers in the capital market on Thursday as they purchased shares worth Rs 743.22 crore, according to stock exchange data.

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