The forex market was closed on Tuesday on account of ‘Gurunanak Jayanti’.
The forex market was closed on Tuesday on account of ‘Gurunanak Jayanti’.
The rupee on Wednesday edged higher by 45 paise at 81.47 (provisional) against the US dollar amid fall in crude oil prices, weakness in dollar and continued inflow of foreign funds.
In the interbank forex market, the local unit opened at 81.43, and saw an intra-day high of ₹81.23 and a low of ₹81.62 during the session.
The local unit finally closed at 81.47 against the US currency, registering a rise of 45 paise over its previous close.
On Monday, the rupee had closed at 81.92 against the US dollar. The forex market was closed on Tuesday on account of ‘Gurunanak Jayanti’.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18% to 109.83.
Global oil benchmark Brent crude futures fell 0.64% to $94.75 a barrel.
Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said, “The rupee continued to strengthen as the dollar witnessed selling pressure at higher levels. The greenback remained underweight even before the US mid-term election results.”
Some market participants suggest that Republicans have a strong chance of winning a tight race for a majority in the House and Senate control.
“We expect USD-INR (Spot) to trade sideways and bid in the range of 81.30 and 81.80,” Mr. Somaiya said.
On the domestic equity market front, the 30-share BSE Sensex ended 151.60 points or 0.25% lower at 61,033.55, while the broader NSE Nifty fell 45.80 points or 0.25% to end at 18,157.00.
Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 1,948.51 crore on Monday, according to exchange data.