Rupee ends 14 paise higher against dollar

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Rupee ends 14 paise higher against dollar

The rupee appreciated 14 paise to close at 79.76 provisional against the dollar on Monday, despite strong regional peers and soft dollar.

The local unit opened against the greenback at 79.86 and settled at 79.76 provisional, registering a rise of 14 paise over its previous close.

The local unit saw a day high of 79.70 and a low of 79.87 against the American currency during the session.

The rupee had closed against the American currency at 79.90 in the previous session.

The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.38 per cent at 106.32.

The global oil benchmark, Brent crude futures, rose 1.25 per cent to USD 104.49 per barrel.

Dilip Parmar, Research Analyst at HDFC Securities, said the week started on the front foot after stronger regional currencies and weaker crude oil prices.

Parmar said that spot USDINR has support at 79.30 and resistance remains around 80.10 as they enter the Fed week with markets back to their expectation of a 75 bps move on Wednesday from 100 bps a few weeks ago.

The BSE Sensex ended up with 306.01 points or 0.55 per cent lower than 55,766 on the domestic equity market front. The NSE Nifty declined by 88.45 points or 0.53 per cent to 16,631. Foreign Institutional Investors FIIs were net sellers in the capital market on Friday as they sold shares worth Rs 675.45 crore, per exchange data.