Rupee rises 10 paise to close at 84.31 against U.S. dollar

The rupee recovered connected Friday (November 22, 2024) from its all-time debased level and appreciated 9 paise to adjacent astatine 84.41 against the U.S. dollar. Photo: Special Arrangement

The rupee appreciated 10 paise to adjacent astatine 84.31 (provisional) against U.S. dollar connected Monday (November 25, 2024), supported by a steadfast inclination successful home equities amid improved capitalist hazard appetite.

Forex traders said capitalist sentiment got a boost aft the Israeli ambassador to Washington said the Hezbollah ceasefire woody could travel “within days”.

At the interbank overseas exchange, the rupee opened astatine 84.38 and touched an intra-day precocious of 84.25 against the greenback. The portion ended the league astatine 84.31 (provisional) against the dollar, registering a emergence of 10 paise implicit its erstwhile close.

On Friday (November 22, 2024), the rupee recovered from its all-time debased level and appreciated 9 paise to adjacent astatine 84.41 against the U.S. dollar.

“The U.S. bonds are rallying connected Donald Trump appointing Scott Bessent arsenic his Treasury Secretary. It is to beryllium known that Bessent is simply a shortage hawk, truthful the anticipation of a simplification successful borrowing is weighing connected the yields, successful crook supporting the INR.

“In addition, geopolitical concerns are somewhat contained arsenic Israel whitethorn scope a ceasefire woody with Hezbollah and determination has not been immoderate concerning developments successful the ongoing Russia-Ukraine warfare either,” Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said.

The USD-INR brace whitethorn commercialized range-bound successful the precise abbreviated term. Support is astatine $84.25, followed by $84.07-84 region. Resistance is astatine $84.52, Singh added.

Meanwhile, the dollar index, which gauges the greenback’s spot against a handbasket of six currencies, was trading little by 0.47% astatine 107.05.

Brent crude, the planetary lipid benchmark, fell 0.69% to $74.65 per tube successful futures trade.

In the home equity market, the 30-share BSE Sensex jumped 992.74 points, oregon 1.25%, to adjacent astatine 80,109.85 points, portion Nifty surged 314.65 points, oregon 1.32%, to settee astatine 24,221.90 points.

Foreign Institutional Investors (FIIs) remained nett sellers successful the superior markets connected Friday (November 22, 2024), arsenic they offloaded shares worthy $1,278.37 crore, according to speech data.

Meanwhile, India’s forex reserves dropped by $17.761 cardinal to $657.892 cardinal for the week ended November 15, the RBI said connected Friday (November 22, 2024).

The erstwhile reporting week, ending November 8, saw the wide reserves driblet by $6.477 cardinal to $675.653 billion.

Published - November 25, 2024 05:04 p.m. IST