Rupee Appreciates 14 Paise To Close At 79.76 Against US Dollar

At the interbank forex market, the local unit opened at 79.86 against the greenback and finally settled at 79.76 (provisional), registering a rise of 14 paise over its previous close

In the previous session, the rupee had closed at 79.90 against the American currency.

Tracking strong regional peers and soft greenback, the Indian rupee appreciated 14 paise to close at 79.76 (provisional) against the US dollar on Monday, the PTI reported.

According to the report, at the interbank forex market, the local unit opened at 79.86 against the greenback and finally settled at 79.76 (provisional), registering a rise of 14 paise over its previous close. During the session, the Indian currency saw an intraday high of 79.70 and a low of 79.87 against the US dollar.

In the previous session, the rupee had closed at 79.90 against the American currency. The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.38 per cent at 106.32.

Brent crude futures, the global oil benchmark, rose 1.25 per cent to $104.49 per barrel.

According to Dilip Parmar, Research Analyst, HDFC Securities, the Indian rupee started the week on the front foot following stronger regional currencies and weaker crude oil prices.

"We have entered the Fed week with markets back to their expectation of a 75 bps move on Wednesday from 100 bps a few weeks back," Parmar said, adding that spot USD/INR is having support at 79.30 and resistance remains around 80.10.

On the domestic equity market front, the BSE Sensex ended 306.01 points or 0.55 per cent lower at 55,766.22, while the broader NSE Nifty declined 88.45 points or 0.53 per cent to 16,631.00.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they sold shares worth Rs 675.45 crore, according to exchange data.