The rupee rises 8 paise to close at 79.79 against the US dollar

The Rupee rose 8 paise to close at 79.79 (provisional) against the US Dollar on Monday, in line with a firm trend in domestic equities.

However, the strengthening US currency in the overseas market limited the rupiah’s gain, traders said.

On the interbank forex market, the local unit opened at 79.84 against the greenback. It saw an intraday high of 79.79 and a low of 79.90 against the US currency during the session.

It eventually closed at 79.79 against the US Dollar, up 8 paise from its previous close of 79.87.

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.28% to 109.83.

Brent futures, the global oil benchmark, rose 2.75% to $95.58 a barrel.

“The rupee has consolidated in a narrow range despite the dollar rising to its highest level in 30 years. Dollar gains extended after US non-farm payrolls figures came in above estimates,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

The Euro and Pound opened lower as Dollar strength continued.

“We expect USD/INR (Spot) to trade sideways with a positive bias and quote in the range of 79.40 and 80.05,” Somaiya said.

On the domestic stock market front, the BSE Sensex ended up 442.65 points or 0.75% at 59,245.98 points, while the broader NSE Nifty gained 126.35 points or 0.72% at 17,665.80.

Foreign institutional investors were net sellers in the capital market on Friday, unloading shares worth Rs 8.79 crore, according to exchange data.

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