Rupee ends above 79.76 paise, closes 14 paise higher

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Rupee ends above 79.76 paise, closes 14 paise higher

The rupee was on Monday closing at 79.76 provisional against strong regional peers and soft dollar, and gained 14 paise to close at 79.76 paise.

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

The local unit saw a 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 strength of the dollar 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.

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

We entered the Fed week with markets back to their expectation of a 75 bps move on Wednesday from 100 bps a few weeks back, Parmar said, adding that spotUSDINR is having support at 79.30 and resistance remains around 80.10.

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.