Rupee gains 37 paise to close at 80.91 against US dollar

| | Mumbai
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Rupee gains 37 paise to close at 80.91 against US dollar

Wednesday, 16 November 2022 | PTI | Mumbai

The rupee appreciated by 37 paise to close at 80.91 against the US dollar on Tuesday, on encouraging inflation data and weak American currency.

Forex traders said a firm trend in domestic equities and easing crude oil prices also supported the local unit.

At the interbank foreign exchange market, the local unit opened at 81.18 and touched an intra-day high of 80.91 and a low of 81.45 against the greenback.

The local unit finally settled at 80.91, registering a rise of 37 paise over its previous close.On Monday, the rupee depreciated by 50 paise to close at 81.28 against the US currency.

"The Indian Rupee settled stronger against the dollar on Tuesday as large dollar outflows offset gains from a softer greenback and a stronger Chinese yuan," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

 Asian markets got a boost from the offshore yuan which gained during the session shrugging off weak Chinese data. Most regional currencies also traded higher amid improved risk sentiment and capped depreciation bias.

"Indian bond yields ended lower for a 7th straight session on Tuesday as easing inflation raised bets that the central bank will slow down its pace of policy tightening," Iyer said.

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