Rupee appreciated by 4 paise to 82.47 against the US dollar

On Friday, the rupee rose 4 paise to settle at 82.47 against the US dollar, despite a negative sentiment in domestic stocks. Forex traders claimed the domestic currency’s advances were restrained by a strong dollar offshore and fresh international capital outflows.
The local unit opened at 82.49 versus the dollar on the interbank foreign exchange and eventually finished at 82.47, up 4 paise from its previous closing. It reached a high of 82.41 and a low of 82.50 versus the US dollar during the session. The rupee had finished at 82.51 versus the dollar on Wednesday. As market players awaited the imminent US interest rate announcement, the rupee traded in a narrow range of 82.41-82.52. The Reserve Bank of India chose to pause for the second time in a row on Thursday, keeping the key policy rate at 6.5 percent citing modest inflation.
According to experts, the RBI’s monetary policy decision on Thursday to keep interest rates on hold occurred on expected lines, boosting general mood. Meanwhile, investors’ uncertainty about the US Federal Reserve’s interest rate decision, which is expected next week, has kept the dollar in a limited range. The dollar index, which measures the strength of the greenback against a basket of six currencies, increased 0.19 percent to 103.54.