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Tuesday, February 7, 2023

Rupee gains 19 paise to $82.19 on dollar weakness and solid stocks

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  • Forex According to traders, the continued outflow of foreign funds weighed on investor sentiment and limited appreciation bias.
  • Thursday has the rupee Settled 9 paise higher at 82.38 against the US dollar.
  • The dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.23 percent to 104.53.


The rupee appreciated 19 paise to 82.19 against the US dollar during early trading on Friday due to overall dollar weakness and a solid trend in domestic stocks. Forex traders said continued outflows of foreign funds weighed on investor sentiment and limited appreciation bias.

In interbank foreign exchange, the domestic unit opened at 82.30 against the dollar before gaining further ground to 82.19, up 19 paise from the previous close.

On Thursday, the rupee settled 9 paise higher at 82.38 against the US dollar.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.23 percent to 104.53.

“As China relaxes its COVID restrictions, such as mass testing, lockdowns and quarantine requirements, it is widely feared that cases and deaths will rise, causing further widespread economic disruptions. This is something we need to watch closely.” IFA Global Research Academy said in a research note.

Brent oil futures, the global oil benchmark, rose 0.89 percent to USD 76.83 a barrel.

In the domestic stock market, it is 30 share BSE Sensex traded 25.7 points or 0.04 percent higher at 62,596.38. The broader NSE Nifty rose 19.25 points, or 0.1 percent, to 18,628.60.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth Rs 1,131.67 crore, according to exchange data.

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