Rupee gains 45 paise to close at 81.47 against US dollar

The rupee gained 45 paise to settle at 81.47 against the US dollar on Wednesday, on the back of falling crude oil prices, consistent foreign fund inflows, and weakening US currency.

The local currency began stronger at 82.43 against the US dollar at the interbank foreign exchange market. It recorded a high-low of 81.23 and 82.62 on Wednesday. It finally closed 45 paise lower at 81.47 against the US dollar.

Also Read: Jubilant, MRF, Hindalco, and other stocks that moved most on November 9

“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,” said Gaurang Somaiya, Forex, and Bullion Analyst, Motilal Oswal Financial Services.

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

Also Read: Gold, silver and other metal prices on Wednesday, November 9, 2022

The rupee fell 43 paise to settle at 81.92 against the dollar in the previous session on Monday. The forex market was closed on Tuesday on account of ‘Gurunanak Jayanti’.

The dollar index, which measures the US Dollar’s strength against a basket of six currencies, rose by 0.18% to 109.83.

Concurrently, Brent crude futures, the international oil benchmark fell 0.64% to $94.75 per barrel.

Also Read: Top 5 cryptocurrencies of the day: Bitcoin down 8%, FTX Token trends at no. 1

Gold prices on the Multi Commodity Exchange (MCX) slumped on Wednesday, November 09, 2022, at around 7:10 pm. Gold futures were trading at Rs 51,464 per 10 gm, down 166 points or 0.32%, in the Indian market. Silver futures were trading at Rs 61,424 per kg, down 535 points or 0.86%.

Copper futures were trading at Rs 675.55 down 0.24% while Natural Gas and Aluminium futures were trading at Rs 586.50 per MMBtu and Rs 204.60 per Kg respectively on MCX.

Also Read: Twitter set to launch ‘Official’ tag for select accounts

The BSE Sensex fell 151.60 or 0.25% to end at 61,033.55 on the domestic stock market, Similarly, the NSE Nifty lost 45.80 or 0.25% to settle at 18,157.00.

According to exchange data, foreign Institutional Investors (FIIs) were net buyers in the equity markets as they purchased shares worth Rs 1,948.51 crore, while Domestic Institutional Investors sold shares worth Rs 844.20 crore on Monday, November 07, as per data available on NSE.