Rupee declines 8 paise to close at 82.16 against U.S. dollar

During the session, the domestic unit witnessed an intra-day high of 81.92 and a low of 82.17.
| Photo Credit: PTI

Snapping its four-day winning run, the rupee depreciated by 8 paise to close at 82.16 against the U.S. dollar on Friday following a rebound in the American currency against global peers and firm crude prices.

However, strong buying in domestic equity markets restricted losses in the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened strong at 81.97 against the U.S. dollar. Later, it erased all the gains to settle at 82.16, down by 8 paise over the previous close.

During the session, the domestic unit witnessed an intra-day high of 81.92 and a low of 82.17. In the previous session on Thursday, the rupee had closed at 82.08 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, strengthened by 0.10% to 99.56.

“The rupee, after the initial high of 81.94, saw a sharp fall towards 82.21 as the dollar index rallied from lows of 99.25 to 99.65 along with higher crude prices,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.

Brent crude futures, the global oil benchmark, advanced 0.04% to $$81.33 per barrel.

On the domestic equity market front, the 30-share BSE Sensex rose 502.01 points or 0.77% to hit a lifetime high of 66,060.90. The broader NSE Nifty climbed 150.75 points or 0.78% to record 19,564.50.

Foreign institutional investors (FIIs) emerged as net buyers in the capital markets on Thursday as they bought shares worth ₹2,237.93 crore.