New Delhi: The rupee appreciated by 12 paise to close at 82.08 against the US currency on Friday, supported by a rebound in domestic equities and easing crude oil prices.
At the interbank foreign exchange market, the local unit opened at 82.15 against the American currency and finally settled at 82.08 against the greenback, registering a gain of 12 paise over its previous close of 82.20.
During the trading session, the rupee also touched a low of 82.31 against the dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.12 per cent to 101.63.
“Indian Rupee appreciated on a rebound in domestic equities and weakness in crude oil prices. However, positive US Dollar capped sharp gains,” said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.
Choudhary further noted that the rupee depreciated earlier today as PMI data was disappointing.
India’s services PMI fell to 57.2 in January from 58.5 in December while the composite PMI fell to 57.5 from 59.4 during the same
period.
“We expect the Rupee to trade with a slight positive bias as a rebound in domestic equities may lead to fresh foreign inflows. Decline in crude oil prices and weak Dollar amid dovish Fed may support Rupee at lower levels,” Choudhary said.