Currency Update: Rupee rises 6 paise to close at 84.44 against US dollar

Rupee rises 6 paise to adjacent astatine 84.44 against US dollar Mumbai, Nov 22 (PTI)

The rupee recovered from its all-time debased level and appreciated 6 paise to adjacent astatine 84.44 (provisional) against the US dollar connected Friday, supported by affirmative home equities.

Forex traders said the rupee is trading successful a constrictive scope arsenic the US dollar strengthened successful the overseas marketplace and Brent lipid continued to determination up arsenic warring betwixt Ukraine and Russia continued to summation investors' attention.

Moreover, overseas organization investors person continued their equities selling mode and kept the dollar good bid.

At the interbank overseas exchange, the rupee opened astatine 84.48 and touched an intraday debased of 84.50 against the greenback. The portion ended the league astatine 84.44 (provisional) against the dollar, registering a emergence of 6 paise implicit its erstwhile close.

On Thursday, the rupee depreciated 8 paise to settee astatine an all-time debased of 84.50 against the US dollar.

"Geopolitical tensions, portfolio outflows, and rallying US Dollar Index are apt to support the home currency nether pressure, though the RBI's involution is starring to a gradual and orderly decline," Praveen Singh -- Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said.

"The USD/INR brace is expected to emergence to Rs 85 yet and enactment is astatine Rs 84.25," Singh said.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading higher by 0.50 per cent astatine 107.50.

Brent crude, the planetary lipid benchmark, surged 0.31 per cent to USD 74.46 per tube successful futures trade.

In the home equity market, the 30-share BSE Sensex jumped 1,961.32 points, oregon 2.54 per cent, to adjacent astatine 79,117.11 points, portion Nifty surged 557.35 points, oregon 2.39 per cent, to settee astatine 23,907.25 points.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Thursday, arsenic they offloaded shares worthy Rs 5,320.68 crore, according to speech data.