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economy | Rupee up by 10 paise at 82.28 per dollar

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Mumbai: The rupee on Friday appreciated by 10 paise to close at 82.28 (provisional) against the American currency at the Interbank Foreign Exchange market tracking weakening of the dollar overseas. Marketmen said sluggishness in the domestic equity market and withdrawal of foreign institutional investors from the market weighed on investor sentiment. This put some curb on the rupee’s gains.

The rupee opened at 82.30 at the Interbank Foreign Exchange market and ended at 82.28 against the dollar, up 10 paise, at the close of trade. The rupee touched a high of 82.08 and a low of 82.33 during the day. In the previous trading session, the rupee had closed at 82.38 per dollar. Market sources said investors awaited the outcome of the central bank’s meetings next week for additional signals on the pace of interest rate hikes.

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Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said, “Investors will now mainly focus on the FOMC’s policy statement. The central bank may hike interest rates by 0.50 per cent and continue with a less aggressive stance.” Meanwhile, the dollar index, which reflects the strength of the dollar against six major world currencies, declined 0.06 per cent to 104.71.

Global oil benchmark Brent crude futures rose 1.22 per cent to $77.08 a barrel. BSE’s 30-share Sensex lost 389.01 points to close at 62,181.67 points. Foreign institutional investors (FIIs) were net sellers in the capital market and sold shares worth Rs 1,131.67 crore on Thursday, according to stock market data. (agency)

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