Rupee ends 10 paise higher at 82.46 against US dollar
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19% to 103.54.
PremiumThe Indian rupee ended 10 paise higher against US dollar on Friday led by likely foreign fund inflows. The local unit closed at 82.46 a dollar against its previous close of 82.56.
However, a strong dollar overseas and weak sentiment in domestic equities capped the gains in the domestic currency, traders said.
During the session, rupee touched a peak of 82.41 and a low of 82.50 against the greenback.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19% to 103.54.
On Thursday, the Indian rupee ended mostly flat against after the Reserve Bank of India (RBI) maintained status quo in its by-monthly monetary policy for June.
“The Indian rupee edges higher following weakness in the greenback against major currencies after US job data, yet down for this week. The delay in monsoon progress and the dollar demand from oil importers as well as from the hedgers ahead of the US Federal Reserve’s monetary policy meeting weighed on the local rupee and bond," said Dilip Parmar, Research Analyst, HDFC Securities.
Traders will keep an eye on monetary policy decisions from the Federal Reserve, the European Central Bank and the Bank of Japan.
“The BoJ has a reputation to surprise markets, the same could be expected from the Federal Reserve this time," Parmar added.
In the near-term, he expects spot USD/INR to trade between 82.25 to 82.70.
Crude oil prices rose, with the Brent crude futures rising 0.25% to $76.15 a barrel, while the US West Texas Intermediate crude (WTI) gaining 0.22% lower at $71.45 a barrel.
On the domestic front, the Indian equity market ended lower dragged by selling in FMCG, IT, Auto and Pharma sectors. The benchmark Sensex ended 223.01 points, or 0.35%, lower at 62,625.63, and the Nifty closed 71.15 points, or 0.38%, down at 18,563.40.
On Thursday, the foreign institutional investors (FII) net bought Indian shares worth ₹212.40 crore, while the domestic institutional investors (DII) net sold shares worth ₹405.01 crore.
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