Rupee rises 1 paisa to 83.32 against dollar

Mumbai: The rupee inched up 1 paisa to close at 83.32 against the US dollar on Thursday as the support from positive domestic equities was negated by continued selling pressure from foreign funds.

Forex traders said foreign capital outflows also weighed on the rupee. However, a soft US dollar against key rivals overseas supported the domestic currency.

At the interbank foreign exchange market, the local unit opened at 83.34 against the greenback. Moving in a tight range, the unit hit an intra-day high of 83.31 and a low of 83.40 against the greenback.

The local currency finally settled at 83.32 against the dollar, 1 paisa higher from its previous close.

On Wednesday, the rupee consolidated in a narrow range and settled 2 paise lower at 83.33 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.60, fell by 0.24 per cent.

Brent crude futures, the global oil benchmark, rose 0.05 per cent to $88.06 per barrel.

FIIs were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,511.74 crore, according to exchange data.