AGAINST THE US DOLLAR, THE RUPEE ADDS 6 PAISE TO CLOSE AT 79.86

 Supported by foreign fund inflows and a bullish trend in domestic markets, the rupee strengthened by 6 paise to settle at 79.86 (provisional) against the US dollar on Friday.

According to the Forex dealers stated that the rupee's advance was nevertheless limited by increased crude prices on global markets.

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The interbank foreign exchange market's starting rate for the local currency relative to the US dollar was 79.87. Its value versus the US dollar fluctuated between 79.81 and 79.94 during the trading session.

In the end, it increased by 6 paisa from its previous closing of 79.92 to end at 79.86 against the US dollar.

The dollar index, which evaluates the value of the dollar against a basket of six different currencies, decreased 0.13 percent to 108.33.

Global oil benchmark Brent crude futures increased 1.42% to USD 100.75 per barrel.

With the domestic equity markets doing well and FII inflows, the currency strengthened. Anuj Choudhary, a research analyst for Sharekhan by BNP Paribas, stated that despite strong US Dollar and rising crude oil prices, gains were muted.

The dollar's strength and the price of crude oil are anticipated to have a negative impact on the rupee's exchange rate. It’s possible that importers' month-end dollar demand could hurt the rupee. Rupee support at lower levels, however, might come from strong global stocks and FII inflows "He continued.

The rupee may potentially benefit from remittances from NRIs. Before Fed Chair Jerome Powell's address at the Jackson Hole Symposium, traders would be more cautious, according to Choudhary, who also predicted that the USD/INR spot price would fluctuate between Rs 79.20 and Rs 80.50 over the coming sessions.

In the capital markets on Thursday, foreign institutional investors (FIIs) continued to be net buyers, purchasing shares worth Rs 369.06 crore, according to provisional statistics.

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