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Rupee strengthens by five paise to close at 76.35 per dollar

Mumbai, May 5 (PTI) The rupee rose for the fourth consecutive trading session. The rupee on Thursday gained five paise to close at 76.35 against the US currency at the interbank forex market after the US Federal Reserve hiked interest rates by 0.5 per cent as expected.

Rupee opened at 76.17 against the US dollar. During trading, it fluctuated in the range of Rs 75.99 to Rs 76.30.

At the end of trading, it closed at 76.35 with a gain of five paise against the previous closing price.

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

Analysts said the Indian rupee strengthened against the US dollar following the Reserve Bank of India’s sudden rate hike.

However, firming crude oil prices put pressure on the rupee. This limited the gains of the rupee.

Global oil benchmark Brent crude futures rose 0.42 per cent to $110.60 a 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. According to stock market data, he sold shares worth Rs 2,074.74 crore on Thursday.

According to Jatin Trivedi, Senior Research Analyst, LKP Securities, rupee sentiment turned positive in early trade due to weakening dollar index.

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