The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10% to 106.68.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10% to 106.68.
The rupee on Thursday declined by 19 paise to close at 79.64 (provisional) against the US dollar following the strengthening of the US currency in the overseas market.
In the interbank forex market, the local currency opened at ₹79.60 and moved in the range of ₹79.60 to ₹79.71 during the day.
It finally closed at ₹79.64 against the greenback, 19 paise lower than its previous close.
The rupee on Wednesday gained 29 paise to close at 79.45 against the dollar.
Forex traders said the US dollar index saw a rise after the minutes of the Federal Open Market Committee (FOMC) meeting, indicating that although things are slowing in the US, the Fed is not done with raising rates. .
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10% to 106.68.
Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said policymakers at the US central bank have committed to raising rates as necessary to contain inflation.
Somaiya further added that “we expect USD/INR (Spot) to trade sideways and bid in the range of 79.20 and 79.80”.
Meanwhile, global oil benchmark Brent crude futures rose 1.58% to $95.13 per barrel.
On the domestic equity market front, the BSE Sensex closed 37.87 points or 0.06% higher at 60,298.00, while the broader NSE Nifty ended 12.25 points or 0.07% higher at 17,956.50.
Foreign institutional investors remained net buyers in the capital markets on Wednesday as they bought shares worth Rs 2,347.22 crore, according to exchange data.