Thursday, 11 August, 2022
E-paper

Rupee rises by 22 paise to close at 79.02 against dollar

The rupee appreciated by 22 paise to close at 79.02 (provisional) against the US dollar on Monday on risk-on sentiments, decline in crude oil prices and weak American currency.

At the interbank forex market, the local unit opened higher at 79.16 on gains in stocks and fall in crude oil, reports PTI.

The rupee touched a high of 79.00 and a low of 79.22 before settling at 79.02 (provisional). In the previous session, the rupee had closed at 79.24 against the US dollar. The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.52 per cent at 105.34.

Brent Crude futures, the global oil benchmark, fell 1.21 per cent to USD 102.71 per barrel. According to Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, Indian rupee appreciated on risk on sentiments, decline in crude oil prices and weak US Dollar. Moreover, India’s Manufacturing PMI rose to 56.4 in July compared to 53.9 in June, and this also supported the rupee.