Rupee gains 10 paise to close at 82.28 against dollar

The rupee was appreciated by 10 paise to close at 82.28 provisional against the dollar on Friday, as a result of the weakening of the American currency in the overseas market.

The gains were restricted by foreign fund outflows and muted domestic equities, which weighed on investor sentiments.

The local currency opened at 82.30 and touched an intra-day high of 82.08 and a low of 82.33 against the dollar at the interbank foreign exchange market.

It finally settled at 82.28, registering a rise of 10 paise over its previous close of 82.38.

Forex traders awaited the outcome of a slew of central bank meetings next week to get more information on the pace of rate hikes.

Focus will now shift to the FOMC policy statement. Gaurang Somaiya, Forex Bullion Analyst, Motilal Oswal Financial Services said that the central bank could raise rates by 50 bps and maintain a less hawkish stance.

Somaiya said that the USD-INR Spot will trade sideways and quote in the range of 82.20 and 82.80.

The dollar index, which measures the dollar's strength against a basket of six currencies, declined by 0.06 per cent to 104.71.

The global oil benchmark Brent crude futures rose 1.22 per cent to USD 77.08 per barrel.

On the domestic equity market front, the 30 share BSE Sensex declined by 389.01 points or 0.62 per cent to 62,181. The NSE Nifty fell 112.75 points or 0.61 per cent to 18,496, while the broader NSE Nifty fell by 112.75 points or 0.61 per cent. Foreign Institutional Investors FIIs were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,131. According to exchange data, 67 crore were reported to have been generated.