Rupee rises 5 paise to close at 82.35 against US dollar

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The rupee consolidated in a narrow range and settled 5 paise higher at 82.35 (provisional) against the US dollar on Tuesday.

At the interbank forex market, the local unit opened at 82.35 against the greenback. It witnessed an intra-day high of 82.32 and a low of 82.41 during the session.

It finally ended at 82.35, up 5 paise from its previous close.

On Monday, the rupee slipped 10 paise to finish at a fresh lifetime low of 82.40.

“Rupee traded in a narrow range after hitting fresh all-time lows against the US dollar. Dollar has been gaining momentum in the past few sessions following better-than-expected non farm payrolls numbers from the US,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Safe haven buying also led to an upmove in the dollar after Russia rained cruise missiles on busy Ukrainian cities on Monday.

On the domestic front, the inflation number will be important to watch which will be released on Wednesday.

“We expect the USD-INR (Spot) to quote in the range of 82.20 and 82.80,” Somaiya added.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.03 per cent to 113.18.

Brent crude futures, the global oil benchmark, declined 2.30 per cent to USD 93.98 per barrel.

The BSE Sensex ended 843.79 points or 1.46 per cent down at 57,147.32, while the broader NSE Nifty fell 257.45 points or 1.49 per cent to 16,983.55.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth 2,139.02 crore on Monday, according to exchange data.

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