The Indian rupee on Friday gained 18 paise against the dollar to end at 76.43 against the greenback, owing to a weaker greenback offshore and fresh foreign fund inflows.
The local currency opened at 76.62 against the US dollar on the interbank exchange market. During the day, it fluctuated between 76.63 and 76.29 and it finally ended the day at 76.43, up 18 paise from its previous closing.
The rupee was trading at 76.61 versus the dollar on Thursday.
currency market analysts are of the view that given that technical indicators are reporting some overbought readings, the dollar index is ready for some correction below 104. On the heels of hawkish Federal Reserves and policy divergence with other developed nations, bidders are waiting for a drop and preparing for a rally. In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.57 percent at 103.03.
ON the Indian stock equity market front, The BSE Sensex closed the day 460.19 points or 0.80 percent lower at 57,060.87, while the wider NSE Nifty dropped 142.50 points or 0.83 percent to 17,102.55. According to stock exchange data, foreign institutional investors remained net purchasers in the capital market on Thursday, purchasing shares worth Rs.743.22 crore.
The global oil benchmark, Brent crude futures, rose 1.78 percent to USD 109.51 per barrel.
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