The rupee continued its upward trend for the sixth consecutive day, gaining 36 paise to close at 86 against the US dollar on Friday. This was attributed to a strong performance in the domestic equity markets and increased foreign capital inflows.
Starting at 86.26, the rupee hit an intraday high of 85.93 and a low of 86.30 before settling at 86 against the dollar. This marks a significant improvement from its previous closing level.
The rupee has witnessed a steady appreciation over the past six sessions, adding a total of 123 paise during this period. Analysts predict that the rupee is likely to continue its upward trajectory due to robust domestic equities and continuous FII inflows. However, the positive movement in crude oil prices may limit sharp gains.
In global markets, the dollar index, which measures the greenback against a basket of currencies, was up by 0.19% at 104.04. Meanwhile, Brent crude, the global oil benchmark, declined by 0.29% to $71.79 per barrel in futures trade.
On the domestic front, the BSE Sensex surged by 557.45 points to close at 76,905.51, while the Nifty rose by 159.75 points to settle at 23,350.40 points. Foreign institutional investors (FIIs) also showed positive sentiment by purchasing equities worth ₹3,239.14 crore on a net basis on Thursday.
Overall, the rupee’s performance against the dollar reflects the positive market sentiment driven by strong domestic equities and foreign inflows, despite some external factors like crude oil prices.
