Rupee rises 11 paise to 83.34 against dollar

Mumbai: The rupee appreciated 11 paise to settle at 83.34 against the US dollar on Friday backed by renewed foreign fund inflows.

Forex traders said the strength of the American currency in the overseas market, elevated crude oil prices and US dollar demand from oil marketing companies capped sharp gains for the local unit.

At the interbank foreign exchange market, the local unit opened at 83.42 and hit the intraday high of 83.36 and a low of 83.49 against the greenback during the session.

It finally settled at 83.34 against the dollar, registering a gain of 11 paise from its previous close.

On Thursday, the rupee appreciated 12 paise to settle at 83.45 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 105.91, higher by 0.01 per cent.

Brent crude futures, the global oil benchmark, advanced 0.86 per cent to $87.13 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 7,658.77 crore, according to exchange data.