Business Economy 04 Nov 2022 Rupee gains 47 paise ...

Rupee gains 47 paise to close at 82.41 against US dollar

PTI | DECCAN CHRONICLE
Published Nov 4, 2022, 4:21 pm IST
Updated Nov 4, 2022, 4:21 pm IST
The local unit opened at 82.85 and finally settled at 82.41 against the American currency, registering a rise of 47 paise over its previous close. (Photo: PTI)
 The local unit opened at 82.85 and finally settled at 82.41 against the American currency, registering a rise of 47 paise over its previous close. (Photo: PTI)

MUMBAI: The rupee appreciated by 47 paise to close at 82.41 (provisional) against the US dollar on Friday, as the greenback retreated from its elevated levels.

At the interbank foreign exchange market, the local unit opened at 82.85 and finally settled at 82.41 against the American currency, registering a rise of 47 paise over its previous close amid a positive trend in domestic equities.

On Thursday, the rupee had closed 8 paise lower at 82.88.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.34 per cent to 112.54.

Global oil benchmark Brent crude futures rose 2.05 per cent to USD 96.61 per barrel.

"Euro and Pound too recovered on Friday from intraday lows as broader dollar retraced against its major crosses," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

On Thursday, pound fell sharply against the US dollar after the Bank of England raised rates by 75 bps.

"We expect the USD-INR (Spot) to trade sideways and quote in the range of 82.50 and 83.30," Somaiya added.

On the domestic equity market front, the 30-share BSE Sensex advanced 113.95 points or 0.19 per cent to end at 60,950.36, while the broader NSE Nifty gained 64.45 points or 0.36 per cent to 18,117.15.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 677.62 crore, according to exchange data.

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