Necessary Information | The rupee appreciated by seven paise to 83.37 per dollar

Mumbai, April 22 The rupee on Monday closed up seven paise against the US currency at 83.37 (provisional) per dollar at the interbank foreign exchange market amid a bullish trend in domestic stock markets.

Forex traders said the drop in crude oil prices also supported the rupee.

The rupee opened at 83.40 per dollar in the interbank foreign exchange market. It touched an intraday high of 83.32 per dollar and touched a low of 83.45 during trading. It closed at 83.37 per dollar (provisional) against the dollar at the end of the session, seven paise stronger than the previous close.

The rupee closed at 83.44 per dollar on Friday, up eight paise against the dollar.

Anuj Chaudhary, research analyst at BNP Paribas Buy Sharekhan, said, “We expect the rupee to trade slightly positive amid easing geopolitical tensions in West Asia. Reducing stress will improve global risk perception. A fall in the US dollar and crude oil prices may also support the rupee.

He said, “However, any fresh aggressive stance in West Asia could worsen the situation. Investors can stay alert ahead of PMI and inflation data from the US this week.”

Meanwhile, the dollar index, which measures the US dollar’s strength against six major currencies, rose 0.02 percent to 106.17.

Global oil benchmark Brent crude futures were down 0.69 percent at $86.69 a barrel.

The 30-share BSE index rose 560.29 points to close at 73,648.62 points.

According to stock market data, foreign institutional investors (FIIs) remained net buyers in the capital market. He bought shares worth Rs 129.39 crore net on Friday.

(This is an unedited and auto-generated story from a syndicated news feed, it’s likely that it hasn’t been changed or edited by staff lately)