The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15% to 102.88.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15% to 102.88.
The rupee on Friday edged higher by 3 paise at 77.53 (provisional) against the US dollar, supported by a rebound in domestic equities.
At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.60 in the day’s trade.
The rupee finally closed at 77.53, 3 paise higher than its previous close of 77.56.
According to Dilip Parmar, Research Analyst, HDFC Securities, the decline in demand for the dollar and the rise in domestic stock markets augurs well for the rupee.
The dollar is down nearly 2% from its recent high that was seen last week, as risks came after the People’s Bank of China (PBOC) announced a 15 bps cut in the 5-year loan prime rate to support the economy. – Assets rebounded.
The dollar index marked the first weekly decline since a six-week upward move, driven by position liquidations and a preference for other currencies to emerge lower.
On the domestic equity market front, the BSE Sensex closed 1,534.16 points or 2.91% higher at 54,326.39, while the broader NSE Nifty jumped 456.75 points or 2.89% at 16,266.15.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15% to 102.88.
Foreign institutional investors were net sellers in the capital markets on Thursday as they sold shares worth Rs 4,899.92 crore, according to stock exchange data, with global oil benchmark Brent crude futures rising 0.10% to $112.15 a barrel.