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Business News/ Markets / Stock Markets/  Rupee ends little changed at 83.38 against the US dollar
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Rupee ends little changed at 83.38 against the US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% lower at 103.62.

Rupee ended at 83.38 a dollar as compared to previous close of 83.37. (Photo: AFP)Premium
Rupee ended at 83.38 a dollar as compared to previous close of 83.37. (Photo: AFP)

The rupee ended little changed against the US dollar on Tuesday as likely intervention by the central bank offset local demand for the greenback. The local currency ended at 83.38 a dollar as compared to previous close of 83.37.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05% lower at 103.66.

On Monday, the rupee settled at 83.37 against the US dollar.

The Reserve Bank of India (RBI) sold dollars near the start of the spot trading session and also intermittently stepped in during the day, traders told Reuters.

Meanwhile, importers, including local oil marketing companies, were seen bidding for dollars on Tuesday, a foreign exchange trader at a state-run bank told the news agency

Bias on the rupee is towards depreciation but "steepness of the fall would be limited" on account of RBI's interventions, Arnob Biswas, head of foreign exchange research at SMC Global Securities said.

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Investors now await US ISM Services and job openings data due later in the day.

Meanwhile, Brent crude futures, the global oil benchmark, rose 0.95% to $78.77 per barrel.

On the domestic front, the equity benchmark indices ended at their record closing highs on Tuesday as market sentiment remained upbeat following strong macro numbers and BJP's victory in the three large states.

The Sensex jumped 431.02 points, or 0.63%, to end at 69,296.14, while the Nifty 50 settled 168.30 points, or 0.81%, higher at 20,855.10.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth 2,073.21 crore, according to exchange data.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 05 Dec 2023, 10:23 AM IST
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