Rupee rises to a month high against US Dollar as domestic equity indices surge

Mumbai: The Indian Rupee has risen to a month high against the US Dollar on Friday after it ended at 81.93 per dollar. The Indian currency rose by 34 paise against the US currencies amid domestic equity indices surging to record high levels and losses in crude oil prices.

The healthy foreign fund inflows and rising bets that the Federal Reserve would scale back its aggressive stance on interest rates also had an impact on the Rupee.

At the interbank foreign exchange, the domestic unit opened higher at 81.97 and moved in a range of 82.02 to 81.86 in the day trade. The Rupee then settled at 81.94 against the US dollar, registering a gain of 31 paise over the previous close.

While on Thursday, the rupee settled lower at 82.25 against the dollar due to a strong greenback overseas and a negative trend in domestic equities.

The Crude oil prices were trading lower on Friday amid the benchmark Brent crude dropping 0.58 per cent to USD 75.23 per barrel. Meanwhile, the domestic equity indices BSE Sensex and Nifty reached a lifetime high of 63,384.58 and 18,826 on Friday.

According to exchange data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 3,085.51 crore, according to .

(Source: NDTV)

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