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Rupee gains 12 paisa to end the day at 82.05 vs US dollar


Rupee gains 12 paisa to end the day at 82.05 vs US dollar

Dollar vs INR
Dollar vs INR

The rupee gained 12 paise to settle at 82.05 (provisional) against the US dollar on Monday as market mood increased and local equities benchmarks reached all-time high levels.

Additionally, consistent foreign capital inflows into domestic capital markets boosted the local currency, according to FX traders.

The local currency’s value versus the US dollar in the interbank foreign exchange market started at 82.14 and ended 12 paise higher at 82.05 (provisional) than the previous close.

The domestic unit experienced an intraday high of 82.03 and a low of 82.20 throughout the day.

The rupee had a Friday closing value versus the USD of 82.17.

The rupee performed well due to strong domestic markets and a weak dollar.

The domestic share market reached new record highs, strengthening the local currency.

Anuj Choudhary, a research analyst at Sharekhan by BNP Paribas, stated that the US dollar is trading close to its lowest levels in 15 months on increased odds of just one more rate hike by the US Federal Reserve as a result of faster-than-expected cooling in inflation.

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“Due to the increase in risk appetite on international markets and the depreciation of the US Dollar, we anticipate the rupee to trade with a modest positive tilt.

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