Rupee rises 9 paise to 83.31 against dollar

Mumbai: The rupee recovered 9 paise to settle at 83.31 against the US dollar on Thursday on the back of softening American currency as well as crude oil prices in the overseas market.

Forex traders said, however, a massive selling in the domestic equity markets, outflow of foreign fund and increased month-end demand of greenback by oil marketing companies weighed on the Indian currency.

At the interbank foreign exchange market, the local unit opened at 83.42 and oscillated between the intra-day high of 83.26 and lowest level of 83.44 during the session.

It finally settled at 83.31, registering a gain of 9 paise from its previous closing level.

The rupee plunged 22 paise to close at 83.40 against the US dollar on Wednesday, a day after losing 5 paise on Tuesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.12 per cent lower at 104.90. Brent crude futures, the global oil benchmark, fell 0.32 per cent to $83.33 per barrel. FIIs were net sellers in the capital markets on Wednesday, selling shares worth Rs 5,841.84 crore, according to exchange data.