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Rupee appreciates against dollar as latter hits one-month low

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Rupee appreciates against dollar as latter hits one-month low

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Rupee appreciated against the fallen US dollar on Friday amid positive cues from both global and domestic shares.

Rupee appreciates against dollar as latter hits one-month low
The rupee inched 2 paise higher to close at 77.59 (provisional) against US dollar on Friday, supported by positive domestic equities and weakness of the American currency overseas.
Forex traders said the rupee consolidated in a narrow range as elevated crude oil prices, fiscal deficit concerns and persistent FII outflows weighed on the local unit.
US 10-year Treasury yields, on the day, were 0.40 percent lower and crude oil prices climbed two-months high triggered by global supply concern.
Rupee moved in a range of 77.537 - 77.900 on Friday after opening at 77.478. NSE Nifty 50 rose 0.54 percent or 88.10 to 16,258.25 and BSE Sensex 30 was up by 0.64 percent or 346.03 at 54,598.56.
Dollar hit a one-month low on Friday amidst Fed's probable pause in rate hikes after two more half-point increases in June and July. The dollar index — which measures the American currency against six peers — was at 101.513.
"Rupee continued to trade in a narrow range and volatility remained despite gains in domestic equities. Dollar retraced after the US preliminary GDP number came in below estimates," said Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services.
Euro and pound got support at lower levels and extended support, Somaiya said, adding that "we expect the USD-INR to trade sideways and quote in the range of 77.20 and 77.80."
On the domestic equity market front, the BSE Sensex advanced 632.13 points or 1.17 percent to end at 54,884.66, while the broader NSE Nifty jumped 182.30 points or 1.13 percent to 16,352.45.
With inputs from PTI
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