Mumbai: The rupee reversed intra-day losses and closed 5 paise higher at 82.19 against the US dollar on Friday amid a firm greenback overseas and sliding crude oil prices.
At the interbank foreign exchange market, the local currency opened at 82.26 and witnessed a high of 82.12 and a low of 82.43.
It finally settled at 82.19 against the American currency, registering a rise of 5 paise over its previous close of 82.24.
Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said, “We expect the USD/INR (Spot) to quote in the range of 82.10 and 82.6.”
The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.56 per cent to 112.99.
Global oil benchmark Brent crude futures fell 0.75 per cent to USD 93.86 per barrel.
On the domestic equity market front, the 30-share BSE Sensex surged 684.64 points or 1.20 per cent to end at 57,919.97, while the broader NSE Nifty advanced 171.35 points or 1.01 per cent to 17,185.70.
Foreign Institutional Investors (FIIs) remained net sellers in the capital markets as they offloaded shares worth Rs 1,011.23 crore on Friday, according to exchange data.
“The US Dollar Index is expected to rise further as the turnaround in the markets lacks any coherent narrative or solid fundamental reason. However in near-term, a lot will depend on the risk sentiments,” said Praveen Singh AVP, Fundamental Currencies and Commodities analyst at Sharekhan by BNP Paribas.
“The USD-INR pair may decline to Rs 81.50 in near-term, though we expect the pair to rise to 83 in the coming days,” Singh added.
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