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Rupee closes at 81.63 against dollar amid muted trend in domestic equities


The depreciated by 37 paise to close at 81.63 (provisional) against the US dollar on Thursday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities.

Forex traders said the American currency strengthened after strong US retail sales data pointed to resilient consumption adding room for tighter policy by the US Federal Reserve.

At the interbank foreign exchange market, the local unit opened at 81.62 and later witnessed an intraday high of 81.45 and a low of 81.68 during the session.

The domestic unit finally settled at 81.63 against the American currency, registering a fall of 37 paise over its last close.

On Wednesday, the depreciated by 35 paise to close at 81.26 against the US dollar.

US retail sales posted the biggest increase in eight months in October. UK inflation number came in at 11.1 per cent, to 41-year high, as compared to 10.1 per cent in the previous month, said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“We expect the USD-INR (Spot) to trade sideways and quote in the range of 81.05 and 81.60,” Somaiya said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 106.55.

Global oil benchmark Brent crude futures declined 0.40 per cent to USD 92.49 per barrel.

On the domestic equity market front, the 30-share BSE Sensex fell 230.12 points or 0.37 per cent to end at 61,750.60, while the broader NSE Nifty declined 65.75 points or 0.36 per cent to 18,343.90.

Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 386.06 crore on Wednesday, according to exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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