Rupee rises by six paise to settle at 83.34 against dollar

Currency market update: The rupee (INR) rebounded from record-low levels on Tuesday, November 23, and settled at 83.34 against the US dollar. The domestic currency gained by six paise for the day from its previous close after moving within a range of 83.32-83.39 throughout the session amid positive sentiment in the equity markets.

At the interbank foreign exchange market, the rupee began the day at 83.37 against the greenback and fell to as low as 83.39 during the session before settling at 83.34 for the day.

A weak American currency against major rivals, following crude prices hovering close to the level of $80 per barrel, worked in favour of the Indian currency.

The dollar index—which measures the value of the American currency against six peers other than the rupee—was last seen trading 0.02 per cent lower at 103.18.

Brent crude futures, the global oil benchmark, were up 1.2 per cent at $80.9 per barrel at the last count.

Similarly, domestic equity benchmarks Nifty50 and Sensex rose 0.3-0.5 per cent. The Sensex gained 204.16 points for the day to close at 66,174.20 points while the Nifty50 advanced 95 points to settle at 19,889.7.

On Friday, November 24, the rupee had settled at 83.40 against the American dollar. The forex market was closed on Monday on account of the Guru Nanak Jayanti holiday.

According to exchange data, foreign institutional investors bought shares worth Rs 2,625.2 crore on Friday.

The country's foreign exchange reserves rose by $5.077 billion to $595.397 billion in the week ended November 17, RBI data showed.

With inputs from agencies