Rupee Pares Initial Losses, Settles 3 Paise Higher At 75 Against US Dollar
Rising for the eighth straight session, the rupee on Monday pared initial losses to settle 3 paise higher at 75 (provisional) against the US dollar amid a firm trend in domestic equities.
At the interbank forex market, the local unit opened at 75.15 against the greenback and witnessed an intra-day high of 74.95 and a low of 75.16.
It finally settled at 75, showing a gain of 3 paise against the previous close.
Trading is likely to remain range-bound this week ahead of the year-end holidays, forex traders said.
Moreover, a strong US dollar and firm crude oil prices restricted the rupee uptrend.
On the domestic equity market front, the BSE Sensex ended 295.93 points or 0.52 per cent higher at 57,420.24, while the broader NSE Nifty advanced 82.50 points or 0.49 per cent to 17,086.25.
Meanwhile, the dollar index, which measures the greenback’s strength against the basket of six currencies, rose 0.21 per cent to 96.21.
Brent crude futures, the global oil benchmark, fell 0.01 per cent to USD 76.13 per barrel.
Foreign institutional investors remained net sellers in the capital market on Friday, as they offloaded shares worth Rs 715 crore, as per exchange data.
Meanwhile, the gold prices rose by Rs 18 to Rs 47,175 per 10 gram on Monday following firm global cues, according to HDFC Securities.
In the previous trade, gold prices had settled at Rs 47,157 per 10 gram.
Silver prices tanked by Rs 342 to Rs 60,710 per kg from Rs 61,052 per kg in the previous trade.
In the international market, gold was trading higher at $1,809 per ounce and silver was flat at $22.75 per ounce.
“Gold prices traded firm with spot gold prices at COMEX trading at USD 1,809 per ounce on Monday. Gold prices are trading marginally up on mixed global cues,” HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.