Rupee rises 4 paise to 82.97 against US dollar

Mumbai: The rupee appreciated 4 paise to settle at 82.97 against the US dollar on Tuesday, amid robust equity market sentiment and a weak American currency.

Forex traders said, sustained outflow of foreign funds capped a sharp gain in the domestic currency.

At the interbank foreign exchange market, the local unit opened at 83.02 and touched the intraday high of 82.91 against the

greenback.

The local unit finally settled at 82.97 against the dollar, registering a gain of 4 paise from its previous close.

On Friday, the rupee settled 4 paise higher at 83.01 against the US dollar.

The currency market was closed on Monday on account of Chatrapati Shivaji Maharaj Jayanti.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.10 per cent lower at 104.07.

Brent crude futures, the global oil benchmark, declined 0.59 per cent to $83.07 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 1,335 crore, according to exchange data.