On Tuesday, the rupee had closed at a nearly two-week high of 79.52.
On Tuesday, the rupee had closed at a nearly two-week high of 79.52.
The rupee on Thursday closed 4 paise lower at 79.56 (provisional) against the US dollar on firming dollar in global markets and fall in domestic equity markets.
The domestic currency opened at 79.55 per dollar in the interbank foreign exchange market. It was in the range of 79.30 to 79.66 during the session.
The domestic unit finally closed at 79.56, down 4 paise from its previous close.
On Tuesday, the rupee had closed at a nearly two-week high of 79.52. The domestic forex market remained closed on Wednesday on account of Ganesh Chaturthi.
“The Indian rupee outperformed its Asian counterparts after lower crude oil prices and dollar selling by exporters. Russia’s buying of over $70 billion in yuan and other ‘favourable’ currencies for reserves this year,” Dileep said. The news to consider also supported Asian currencies,” Dilip said. Parmar, Research Analyst, HDFC Securities.
In the short term, spot USDINR is expected to trade between 78.85 to 79.90, Mr Parmar said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20% higher at 108.92.
Global oil benchmark Brent crude futures fell 1.54% to $94.17 a barrel.
On the domestic equity market front, the BSE Sensex ended 770.48 points or 1.29% lower at 58,766.59, while the broader NSE Nifty ended 216.50 points or 1.22% lower at 17,542.80.
Foreign institutional investors became net buyers in the capital markets on Tuesday as they bought shares worth Rs 4,165.86 crore, according to exchange data.