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Rupee slips 9 paise to close at 82.88 against US dollar

Mumbai, Oct 21 (PTI) The rupee slipped 9 paise to close at 82.88 against the US dollar on Friday amid a strong greenback overseas.

At the interbank foreign exchange market, the local currency opened at 82.89 and witnessed a high of 82.59 and a low of 82.91.

It finally settled at 82.88 against the American currency, registering a drop of 9 paise over its previous close.

On Thursday, the rupee had rebounded from its lifetime low to close 21 paise higher at 82.79.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.47 per cent to 113.41.

Global oil benchmark Brent crude futures fell 0.11 per cent to USD 92.28 per barrel.

On the domestic equity market front, the 30-share BSE Sensex rose 104.25 points or 0.18 per cent to end at 59,307.15, while the broader NSE Nifty advanced 12.35 points or 0.07 per cent to 17,576.30.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth Rs 1,864.79 crore on Thursday, according to exchange data.

“Rupee consolidated in a narrow range but suspected intervention restricted major losses for the currency. The dollar rose against its major crosses on expectation that the Fed could continue to raise rates in the forthcoming meetings,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

In the last couple of sessions, RBI has actively intervened to curb sharp depreciation of the currency, Somaiya said, adding, “We expect the USD-INR (Spot) to quote in the range of 82.40 and 83.20.” PTI DRR ABM ABM

This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Source: The Print

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