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Rupee Gains 12 Paise To Close At 72.75 Against US Dollar

Market participants will be keeping an eye on inflation and industrial production numbers and better-than-estimate numbers could extend gains for the currency

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The rupee gained 12 paise to settle at 72.75 (provisional) against the US dollar on Friday ahead of the release of key macro-economic data amid sustained foreign capital inflows.

At the interbank forex market, the local unit opened at 72.79 against the greenback and witnessed an intra-day high of 72.75 and a low of 72.83.

It finally ended at 72.75 against the American currency, registering a rise of 12 paise from its previous close.

On Thursday, the rupee had finished at 72.87.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.20 per cent to 90.60.

'Indian Rupee gained strength amid softening of crude oil prices and steady FII inflows. Additionally, expectation of improved macro-economic data supported Rupee,' said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Market participants will be keeping an eye on inflation and industrial production numbers and better-than-estimate numbers could extend gains for the currency, forex traders said.

'India CPI data is likely to show that inflation eased and remained under RBI target range of 2-6 per cent in January 2020. However, sharp gains were prevented on strong Dollar. Rupee may trade in the range of 72.50 to 73.20 in next couple of sessions,' Mukadam added.

On the domestic equity market front, the BSE Sensex ended 12.78 points or 0.02 per cent higher at 51,544.30, while the broader NSE Nifty fell 10 points or 0.07 per cent to 15,163.30.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 944.36 crore on Thursday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.64 per cent to USD 60.75 per barrel.

(PTI)


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