MUMBAI, Sept 12:The rupee pared its initial losses and settled 2 paise higher to close at 79.55 (provisional) against the US dollar on Monday, tracking positive domestic equities and foreign fund inflows.
At the interbank forex market, the local unit opened at 79.66 against the greenback. It witnessed an intra-day high of 79.47 and a low of 79.72 during the session.
It finally ended at 79.55, up 2 paise from its previous close of 79.57.
The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.89 per cent to 108.03.
Brent crude futures, the global oil benchmark, advanced 1.04 per cent to USD 93.81 per barrel.
“Rupee continued to appreciate as the dollar weakened against its major crosses. Market participants remained cautious also ahead of inflation and IIP numbers that will be released on the domestic front,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Somaiya further said the expectation is that inflation could remain unchanged compared to the previous month.
“Gains in the currency were led also by a rally in domestic equities. Euro did witness volatility but hawkish central bank statements kept the currency supported at lower levels. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.40 and 80.05,” Somaiya said.
On the domestic equity market front, the BSE Sensex ended 321.99 points or 0.54 per cent higher at 60,115.13, while the broader NSE Nifty gained 103.00 points or 0.58 per cent to 17,936.35.
Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,132.42 crore, as per exchange data.
Meanwhile, the country’s foreign exchange reserves declined by USD 3.007 billion to USD 561.046 billion in the week ended August 26, the Reserve Bank of India (RBI) data showed. (AGENCIES)
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BIZ-STOCKS-CLOSE
Sensex rises 322 pts to close above 60,000 mark; Nifty settles above 17,900
Mumbai, Sept 12:
Benchmark BSE Sensex rose by about 322 points to close above the 60,000 level on Monday tracking gains in banking, IT and energy stocks amid positive global equities.
The 30-share barometer closed higher by 321.99 pts or 0.54 per cent at a three-week high of 60,115.13, as 21 of the index constituents closed in the green. After a strong opening, the index touched a day’s high of 60,284.55 and a low of 59,912.29.
The broader NSE Nifty spurted by 103 points or 0.58 per cent to settle at 17,936.35 points, with 36 of its constituents ending with gains.
Foreign fund buying, crude oil prices trading near USD 93 level, and macro data reflecting the strong growth recovery, boosted investor sentiment.
Gains in global equity markets also propped up the local equities.
Investors were also awaiting key consumer inflation and industrial production data to be released after market hours.
Among Sensex stocks, Titan rose the most by 2.39 per cent, followed by Axis Bank, Tech Mahindra and Tata Steel. Gains in RIL, Infosys, TCS, ICICI Bank, Bajaj Finance and L&T aided the rally.
HDFC fell the most by 0.43 per cent while HDFC Bank and Nestle also declined.
Among global markets, shares climbed in Europe and Asia after last week’s strong close on Wall Street snapped a three-week losing streak.
Many Asian markets were closed for holidays. The US futures rose while oil prices turned higher.
While Tokyo’s Nikkei 225 gained 1.2 per cent, markets in Shanghai, Hong Kong and Seoul were closed for holidays.
Brent crude oil advanced 28 cents to USD 93.12 a barrel. Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,132.42 crore on Friday, as per exchange data. (AGENCIES)
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