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HomeBusinessRupee strengthens 16 paise to 76.24 per dollar

Rupee strengthens 16 paise to 76.24 per dollar

Mumbai, May 5 (PTI) The rupee on Thursday gained 16 paise to 76.24 (provisional figure) against the US dollar at the interbank forex exchange market amid a rally in domestic equity markets.

The rupee opened at 76.17 against the US dollar in the interbank foreign exchange market. During trading, it fluctuated in the range of Rs 75.99 to Rs 76.30.

At the end of trading, it closed at 76.24 with a gain of 16 paise against the previous closing price.

On Wednesday, the rupee had closed at Rs 76.40 per dollar.

Traders said that the sudden hike in interest rate by the Reserve Bank led to a rise in the rupee. Besides, increased foreign investment in local assets through Initial Public Offering (IPO) of Life Insurance Corporation of India (LIC) also boosted business sentiment.

However, firming crude oil prices kept pressure on the rupee and restricted the rupee’s gains, he said.

Global oil benchmark Brent crude futures rose 0.42 per cent to $110.60 per barrel.

Meanwhile, the dollar index, reflecting the strength of the US dollar against six major currencies, rose 0.22 per cent to 102.81.

In the domestic stock markets, the 30-share BSE Sensex closed 33.20 points higher at 55,702.23 points.

Foreign Institutional Investors (FIIs) remained net sellers in the capital market. On Wednesday, he sold shares worth Rs 3,288.18 crore, according to stock market data.

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