Mumbai: Rupee increased by 11 paise and closed at 82.90 against the US dollar

Mumbai: The rupee strengthened for the eighth consecutive session and closed 11 paise higher at 82.90 (provisional) against the US dollar on Friday due to solid confidence in the value market. However, forex operators said a rise in crude oil prices and a stronger US currency kept the Indian currency’s rally in check, although investors remained wary of domestic macroeconomic data to be published later in the day. , At the interbank foreign exchange market, the national currency opened weak at 83.08 and was quoted between 82.86 and 83.10 against the dollar during intraday operations. Amid a bullish trend in national equities, where the reference indices hit historic highs, the unit finally closed at 82.90 (provisional) against the dollar, registering a gain of 11 paise over its previous close. On Thursday, the national currency fell by 2 paise to 83.01. In the last eight trading sessions, the local unit added 42 paise from the level of 83.32 against the dollar recorded on January 2. Anuj Chaudhary, Sharekhan Research analyst at BNP Paribas, said the rupee gained due to strong international markets and weakness in the US dollar. However, rising crude oil prices limited strong gains amid rising tensions in the Middle East. “Fresh inflows from foreign investors may also support the rupee. However, rising world crude oil prices may limit strong gains. Traders may remain cautious ahead of India’s inflation and PII data. “It is expected that the quoted USD-INR price will trade in the range of Rs 82.55 to Rs 83.20,” he said. Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.09 percent to 102.38 on Friday. Brent crude futures, the global reference for petroleum, fell 2.95 percent to $79.69 a barrel. On the national price market front, Sensex fell 847.27 points or 1.18 per cent to hit a new high of 72,568.45. Nifty also fell by 247.35 points or 1.14 percent and reached a new record of 21.894.55 points. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 865.00 million on Thursday. On the macroeconomic front, net collection of direct taxes, where it stood this fiscal, rose 19.41 per cent to Rs 14.70 lakh crore, reaching nearly 81 per cent of the full-year target, it said on Thursday. Rent Tax Department.