Illustration: Binay Sinha
The rupee appreciated by 10 paise to close at 82.72 (provisional) against the US dollar on Monday, as the American currency retreated from its elevated levels.
Forex traders said a muted trend in domestic equities and foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.
At the interbank foreign exchange market, the local unit opened at 82.69 against the American currency and finally settled at 82.72 (provisional) against the greenback, registering a gain of 10 paise over its previous close of 82.82.
During the trading session, the rupee touched a high of 82.62 and a low of 82.74 against the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 103.90.
Global oil benchmark Brent crude futures advanced 1.05 per cent to USD 83.87 per barrel.
"Rupee traded strong near 82.75 as dollar index traded below USD 104 guiding rupee strength. Asian currencies were trading strong on the back of weakness in the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Trivedi further noted that the US Fed's minutes update will be keenly watched this week for further trend.
On the domestic equity market front, the 30-share BSE Sensex declined 311.03 points or 0.51 per cent to end at 60,691.54, while the broader NSE Nifty fell 99.60 points or 0.56 per cent to 17,844.60.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 624.61 crore, according to exchange data.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 20 2023 | 5:44 PM IST