Rupee rises 10 paise to 83.47 against dollar

Mumbai: The rupee appreciated 10 paise to settle at 83.47 against the US dollar on Monday, supported by a positive trend in domestic equity markets and stable global crude oil prices.

Forex traders said a weak US dollar against major rivals overseas on Monday also helped the rupee. However, weak Asian markets and renewed geopolitical tensions in the Middle East capped sharp gains.

At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.44 against the greenback during the session.

It finally settled at 83.47 against the dollar, registering a gain of 10 paise from its previous close.

On Friday, the rupee hit the lowest level of 83.63 but finally settled at 83.57 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 105.57, lower by 0.21 per cent.

Meanwhile, India’s forex reserves dropped by $2.922 billion to $652.895 billion for the week ended June 14, the Reserve Bank said on Friday.

In the previous reporting week, the kitty had jumped by $4.307 billion to $655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.