Forex traders said the rupee consolidated in a narrow range.
Forex traders said the rupee consolidated in a narrow range.
The rupee on Friday closed 2 paise higher at 77.59 (provisional) against the US dollar on positive domestic equities and weakness in the US currency overseas.
Forex traders said the rupee consolidated in a narrow range as higher crude oil prices, fiscal deficit concerns and persistent FII outflows on the local unit.
At the interbank forex market, the rupee opened at 77.60 against the greenback and moved in a range of 77.57 to 77.67 in the day’s trade.
The rupee finally closed at 77.59, 2 paise higher than its previous close of 77.61.
Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said, “The rupee traded in a narrow range and remained volatile despite gains in domestic equities. The dollar depreciated after US initial GDP numbers fell below estimates.”
EUR and Pound found support at lower levels and extended support, Somaiya said, “We expect USD-INR to trade sideways and bid in the range of 77.20 and 77.80.” On the domestic equity market front, the BSE Sensex closed 632.13 points or 1.17% higher at 54,884.66, while the broader NSE Nifty jumped 182.30 points or 1.13% to settle at 16,352.45.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05% to 101.78.
Foreign institutional investors were net sell-offs in the capital markets on Thursday as they sold shares worth Rs 1,597.84 crore, according to stock exchange data.
Global oil benchmark Brent crude futures rose 0.55% to $118.05 a barrel.