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Rupee rises 27 paise to close at 84.30 against US dollar on lower crude, equity gains

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Rupee rises 27 paise to close at 84.30 against US dollar on lower crude, equity gains

The rupee appreciated by 27 paise to settle at 84.30 against the US dollar on Monday, buoyed by a sharp fall in crude oil prices and strong domestic equity performance. Forex traders said sustained foreign investor inflows also supported the local currency, though global uncertainties limited the upside.
At the interbank foreign exchange market, the rupee opened at 84.45 and traded between an intra-day high of 84.10 and a low of 84.47. It finally closed at 84.30, up 27 paise from its previous close, according to news agency PTI.
On Friday, the rupee had displayed high volatility, touching a seven-month high and briefly breaching the 84-per-dollar mark, but ended the session 3 paise lower at 84.57.
“Sustained FII inflows continued to support the domestic currency,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. “Additionally, a sharp decline in crude oil prices down over 20 per cent year-to-date has provided a further cushion, easing India’s import bill and supporting macro fundamentals. Going ahead, the rupee is expected to trade in a range of 84.00 to 84.75, with continued global risk sentiment and commodity movements guiding intraday volatility.”
Dilip Parmar, Research Analyst at HDFC Securities, added, “The rupee strengthened due to persistent overseas investment in domestic stocks and renewed appetite for risk-driven assets. The currency also drew support from a softening US dollar and easing crude oil prices, which bolstered sentiment in both the Indian bond and rupee. Looking ahead, the USD/INR spot rate is expected to find a floor near 83.75, while upward movement may encounter resistance around the 84.95 level.”
The dollar index, which measures the greenback’s performance against a basket of six major currencies, was trading 0.38 per cent lower at 99.64.
Brent crude futures declined 1.26 per cent to USD 60.52 per barrel as markets reacted to the prospect of higher global supply and weakening demand.
In domestic equities, the BSE Sensex rose 294.85 points or 0.37 per cent to close at 80,796.84, while the NSE Nifty gained 114.45 points or 0.47 per cent to settle at 24,461.15.
According to exchange data, foreign institutional investors (FIIs) were net buyers, purchasing equities worth Rs 2,769.81 crore on Friday.
Meanwhile, India’s forex reserves rose by USD 1.983 billion to USD 688.129 billion for the week ended April 25, the Reserve Bank of India (RBI) said on Friday. This marked the eighth consecutive weekly increase, following a USD 8.31 billion jump to USD 686.145 billion in the previous week.





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