In the interbank forex market, the local unit opened at 82.14 and touched an intra-day high of 81.90.
In the interbank forex market, the local unit opened at 82.14 and touched an intra-day high of 81.90.
The rupee edged higher by 45 paise at 81.90 (provisional) against the US dollar on November 7 amid weak US currency and continued foreign fund inflows.
At the interbank forex market, the local unit opened at 82.14 and touched intra-day highs of 81.90 and 82.32 lows against the greenback.
The local unit finally closed at 81.90, registering an increase of 45 paise from its previous close, amid a positive trend in domestic equities.
On Friday, the rupee had gained 53 paise to close at 82.35.
Anuj Choudhary, Research Analyst, BNP Paribas, Sharekhan, said, “Weak US dollar and positive domestic markets led the Indian rupee to appreciate. Asian markets followed a rally in US and European markets on Friday.”
Chowdhary further said that the rupee is expected to trade with a positive trend due to increased risk appetite in global markets and weakening dollar.
“FII inflows may also support the rupee. However, there could be a sharp gain in crude oil prices. Investors may remain cautious ahead of trade balance data from India.
“Market participants may remain cautious ahead of inflation data from US later this week. USD-INR spot price is expected to trade in the range of Rs 81.25 to Rs 82.80,” Choudhary said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.31% to 110.52.
Global oil benchmark Brent crude futures fell 0.41% to $98.17 a barrel.
On the domestic equity market front, the 30-share BSE Sensex closed 234.79 points or 0.39% higher at 61,185.15, while the broader NSE Nifty ended 85.65 points or 0.47% higher at 18,202.80.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday as they bought shares worth Rs 1,436.25 crore, according to exchange data.