Rupee rises 6 paise to close at 83.90 against U.S. dollar

Forex traders said rupee trade was range-bound as the Reserve Bank of India (RBI) is maintaining a firm grip on the domestic currency.
| Photo Credit: The Hindu

The rupee witnessed range-bound trade and settled for the day higher by 6 paise at 83.90 (provisional) against the US dollar on Friday (September 13, 2024) supported by weakening of the American currency in the overseas market and significant foreign fund inflows.

Forex traders said rupee trade was range-bound as the Reserve Bank of India (RBI) is maintaining a firm grip on the domestic currency.

At the interbank foreign exchange market, the local unit opened at 83.92 and witnessed an intraday high of 83.85 and a low of 83.98 against the American currency.

The domestic unit finally settled for the day at 83.90 (provisional), higher by 6 paise over its previous close.

On Thursday (September 12, 2024), the local unit settled 3 paise higher at 83.96 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.46% to 100.90 points.

Brent crude, the international benchmark, gained 1.03% to USD 72.71 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex declined 71.77 points, or 0.09%, to close at 82,890.94 points, while the Nifty fell 32.40 points, or 0.13%, to 25,356.50 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday (September 12, 2024), as they purchased shares worth ₹7,695.00 crore, according to exchange data.

On the domestic macroeconomic front, retail inflation in August inched up to 3.65%, though vegetables and pulses witnessed price rises in double digits, according to official data released on Thursday (September 12, 2024).

India’s industrial production output decelerated to 4.8% year-on-year in July 2024, mainly due to poor performance of the manufacturing and mining sectors, as per official data released on Thursday (September 12, 2024).