Rupee vs Dollar: Indian currency gains 34 paise to close at 81.38 against $
Rupee vs Dollar: At the interbank foreign exchange market, the local unit opened at 81.63 and touched an intra-day high of 81.38 and a low of 81.64 against the greenback.
Rupee vs Dollar: The rupee appreciated 34 paise to close at 81.38 (provisional) against the US dollar on Wednesday as a weak greenback in the overseas market and a rally in domestic equities boosted investor sentiment.
At the interbank foreign exchange market, the local unit opened at 81.63 and touched an intra-day high of 81.38 and a low of 81.64 against the greenback.
The local unit finally settled at 81.38, registering a rise of 34 paise over its previous close.
On Tuesday, the rupee declined 4 paise to close at 81.72 against the US dollar.
Budget 2023: What salaried class, taxpayers want from Modi government?
The Indian rupee registered the first monthly gains in the past eleven-months following a rebound in the risk assets, lower crude oil prices and foreign fund inflows, said Dilip Parmar, Research Analyst, HDFC Securities.
"It is poised to end the month 1.6 per cent higher, its biggest gain since August 2021," Parmar said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.29 per cent to 106.51.
According to Parmar, the dollar index slipped, weighed by ongoing demand for riskier assets as investors speculated that China may gradually unwind its COVID curbs.
Global oil benchmark Brent crude futures advanced 2.13 per cent to USD 84.80 per barrel.
Forex traders said investors will focus on the US Federal Reserve Chairman Jerome Powell's speech and the release of key domestic macro economic data for further cues.
Domestic GDP data for the second quarter, fiscal deficit number for April-October and core sector data for October are scheduled to be released later in the day.
On the domestic equity market front, the 30-share BSE Sensex advanced 417.81 points or 0.67 per cent to end at 63,099.65, while the broader NSE Nifty gained 140.30 points or 0.75 per cent to 18,758.35.
Foreign institutional investors (FIIs) were net buyers on Tuesday as they bought shares worth Rs 1,241.57 crore, according to exchange data.
KPI Green Energy bonus news: Share price surges ahead of bonus announcement
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
04:27 PM IST