Rupee Rises To 7 Paise To Stand Close At 82.81 Against US Dollar

At the interbank foreign exchange market, the local currency opened at 82.71 and observed a high of 82.62 and a low of 82.81. It finally settled at 82.81 against the American currency, registering a rise of 7 paise over its previous close.

In the previous session on Friday, the rupee had slipped 9 paise to close at 82.88 against the dollar. The foreign exchange market was closed on Monday on the occasion of Diwali. Earlier the rupee devaluated 38 paise to an all-time low of 82.68 against the US dollar in early trade on October 10. The Indian currency has been under pressure due to rising crude oil prices, apprehensions of more rate hikes by the US Fed and a widening trade deficit.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was quoted at 111.98. Global oil benchmark Brent crude futures fell 1.59 per cent to USD 91.78 per barrel.
On the domestic equity market front, the 30-share BSE Sensex fell 287.70 points or 0.48 per cent to end at 59,543.96, while the broader NSE Nifty declined 74.40 points or 0.42 per cent to 17,656.35.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 153.89 crore on Monday, according to exchange data. As per recent data released by the Reserve Bank of India, the country’s foreign exchange reserves collapsed to a fresh multi-year low in the Oct 14-ended week, led by a decline in its foreign currency assets, as the central bank intervened to rescue the domestic currency’s fall against the US Dollar.