Rupee rises 15 paise to end at 82.64 against US dollar

New Delhi:

The rupee rose 15 paise on Tuesday to close at 82.64 (preliminary) against the US dollar ahead of the release of key domestic macroeconomic data.

Forex traders said central bank intervention and lower commodity prices supported the local unit.

In the interbank foreign exchange market, the local unit opened at 82.69 against the US currency and eventually settled at 82.64 (for now) against the greenback, a gain of 15 paise from the previous close of 82.79 .

During the trading session, the rupee reached a high of 82.63 and a low of 82.75 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.03 percent to 104.70.

The global oil benchmark Brent crude oil futures rose 0.75 percent to USD 83.07 a barrel.

According to Dilip Parmar, Research Analyst, HDFC Securities, the Indian rupee gained along with most regional currencies ahead of the release of key economic data.

“The central bank’s intervention, lower commodity prices and expected dollar inflows supported the local unit in Tuesday’s trading,” Parmar said.

In the near term, spot USDINR is expected to trade between 83 and 82.50. USDINR’s directional movement will depend on how the greenback performs between G-10 currencies and geopolitical updates.

“The historical seasonality of the month of March favors rupee bulls as it has risen in 7 of the last 10 years, the average gain is pegged at 0.54 percent,” added Dilip Parmar.

In the domestic stock market, the 30-share BSE Sensex fell 326.23 points, or 0.55 percent, to finish at 58,962.12, while the broader NSE Nifty fell 88.75 points, or 0.51 percent, to 17,303.95.

Foreign institutional investors (FIIs) were net sellers in the capital market on Monday as they sold shares worth Rs 2,022.52 crore, according to exchange data.

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