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Rupee appreciates to 82.65 vs dollar

Rupee appreciates to 82.65 vs dollar

Rupee appreciates to 82.65 vs dollar
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By Sangam Singh  Nov 4, 2022 9:42 AM IST (Updated)

The domestic currency advanced 23 paise from its previous close to 82.65 vs dollar on Friday amid marginal fall in greenback. However, rise in global crude oil benchmarks kept the gains under check.

The domestic currency advanced 23 paise from its previous close to 82.65 vs dollar on Friday amid marginal fall in greenback. However, rise in global crude oil benchmarks kept the gains under check.

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The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — fell 0.2 percent at 112.6 at the last count.
Crude oil prices rose on Friday as tightening COVID curbs in China triggered demand worries. Brent crude futures advanced 0.8 percent at $95.6 per barrel at the last count. WTI futures were up 0.9 percent at $88.9 per barrel.
"It seems forward markets are more volatile than the spot. In the forward market, the exact one-year forward fell from 195 to 185 paise, or from 2.35 to 2.24 percent, quoting at a decade low. This restricts exporters from building up the forward book. Broadly, in a given fight between ‘stable domestic fundamental’ and ‘a stronger USD’, we expect a later one-stronger USD will dominate and Rupee will depreciate towards 83.50-84.00 over the short term," said Amit Pabari, MD, CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 rose on Friday led by oil & gas, financial, metal and auto shares.
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