Rupee features 45 paise to shut at 81.47 towards US greenback

The rupee appreciated by 45 paise to shut at 81.47 (provisional) towards the US greenback on Wednesday amid fall in crude oil costs, greenback weak spot and sustained overseas fund inflows.

At the interbank overseas trade market, the native unit opened at 81.43, and witnessed an intra-day excessive of Rs 81.23 and low of Rs 81.62 in the course of the session.

The native unit lastly settled at 81.47 towards the American forex, registering an increase of 45 paise over its earlier shut.

On Monday, the rupee had settled at 81.92 towards the US greenback. The foreign exchange market was closed on Tuesday on account of ‘Gurunanak Jayanti’.

Meanwhile, the greenback index, which gauges the buck’s power towards a basket of six currencies, rose 0.18 per cent to 109.83.

Global oil benchmark Brent crude futures fell 0.64 per cent to USD 94.75 per barrel.

“Rupee continued to gain strength as the broader dollar witnessed selling pressure at higher levels. The greenback continued to remain weighed down also ahead of the US mid-term elections results,” stated Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services.

Some market contributors recommend a robust likelihood of Republicans profitable a House majority and a good race for Senate management.

“We expect the USD-INR (Spot) to trade sideways and quote in the range of 81.30 and 81.80,” Somaiya stated.

On the home fairness market entrance, the 30-share BSE Sensex declined 151.60 factors or 0.25 per cent to finish at 61,033.55, whereas the broader NSE Nifty fell 45.80 factors or 0.25 per cent to 18,157.00.

Foreign Institutional Investors (FIIs) had been web consumers within the capital markets as they bought shares value Rs 1,948.51 crore on Monday, in line with trade information.