Mumbai, Dec 16 (PTI) The rupee pared its early losses to close almost flat at 82.75 against the US currency on Friday support
Mumbai, Dec 16 (PTI) The rupee pared its early losses to close almost flat at 82.75 against the US currency on Friday supported by falling crude oil prices and forex inflows amid concerns over rising interest rates and inflation.
The rupee touched a low of 82.89 to a dollar as heavy selling pressure in domestic equities and a strong greenback overseas weighed on the rupee sentiment.
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However, receding crude oil prices and forex inflows into capital markets helped the local unit cut losses and touch a high of 82.73.
It finally settled at 82.75 against the greenback, up by 1 paise over its previous close of 82.76.
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The rupee posted losses for a second week in a row, declining by 47 paise this week.
“Rupee opened on a flat note but is marginally under pressure after central bank policy statements. Weakness was triggered after tension between Russia and Ukraine escalated. Yesterday, ECB and the BoE raised rates by 50 bps and raised concerns over inflation.
“We expect the USD/INR(Spot) to trade sideways and quote in the range of 82.40 and 83.20,” Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.13 per cent to 104.69.
Brent crude futures, the global oil benchmark, declined 2.29 per cent to USD 79.35 per barrel.
In the domestic equity market, the 30-share BSE Sensex closed 461.22 points or 0.75 per cent lower at 61,337.81. The broader NSE Nifty fell 145.90 points or 0.79 per cent to 18,269.
Foreign institutional investors (FIIs) turned net buyers in capital markets on Thursday as they offloaded shares worth Rs 1,542.50 crore, according to exchange data.
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