Forex traders said the rupee is likely to trade on a mixed note in the near term and recovery from lower levels in domestic markets and FII inflows may support the local unit.
Forex traders said the rupee is likely to trade on a mixed note in the near term and recovery from lower levels in domestic markets and FII inflows may support the local unit.
The rupee on Thursday closed 36 paise lower at 79.61 (provisional) against the US dollar amid rising crude oil prices.
In the interbank forex market, the local currency opened at ₹79.22 and witnessed an intra-day high of ₹79.22 and a low of ₹79.69 against the US currency.
It finally ended at ₹79.61, 36 paise lower than the previous close of ₹79.25.
Forex traders said the rupee is likely to trade on a mixed note in the near term. Recovery from lower levels in the domestic markets and FII inflows may support the local unit.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.23% to 104.95 after official data showed US inflation slipped from a 40-year high in June due to less gasoline in July. Prices rose to 8.5%. ,
Traders said investors will now focus on key domestic macroeconomic data points such as index of industrial production (IIP), consumer price index (CPI) and balance of trade numbers for further signals.
Global oil benchmark Brent crude futures rose 0.84% to $98.22 per barrel.
On the domestic equity market front, the BSE Sensex closed 515.31 points or 0.88% higher at 59,332.60, while the broader NSE Nifty ended 124.25 points or 0.71% higher at 17,659.00.
Foreign institutional investors remained net buyers in the capital markets on Wednesday as they bought shares worth Rs 1,061.88 crore, according to exchange data.