The Indian rupee on Monday, strengthened by 22 paise to provisionally settle at Rs. 79.02 against the US dollar due to risk-on inclinations, a drop in crude oil prices, and a weakening of the US dollar.
On advances in stocks and a decline in crude oil, the local currency opened stronger at Rs. 79.16 on the interbank exchange market. Before closing at Rs. 79.02, the rupee reached highs of Rs. 79.00 and Rs. 79.22 (provisional). The rupee had a prior session closing value of 79.24 against the dollar.
The dollar index, which gauges the Doller's strength against a basket of six currencies, was down 0.52 percent at 105.34. The benchmark for world oil, Brent crude futures, dropped 1.21 percent to USD 102.71 a barrel.
Moreover, India's Manufacturing PMI increased from 53.9 in June to 56.4 in July, which helped the rupee as well.
Gold prices has fallen by Rs195 to Rs. 51,947 per 10 grams in the national capital today (August 1) amid weak global cues and rupee appreciation. The precious metal had closed at Rs52,142 per 10 grams in the previous trade. Silver price has fallen by Rs223 to Rs58,731 per kg from Rs.58,954 per kg in the previous trade.
On the Indian share market front, the BSE Sensex closed 545.25 points or 0.95 percent higher at 58,115.50 on the domestic equities market, while the larger NSE Nifty gained 181.80 points or 1.06 percent to 17,340.05.
According to exchange data, foreign institutional investors were net buyers on Friday, buying shares worth Rs. 1,046.32 crore.
Sensex Extends Gains For 3rd Day, Nifty Reclaims 17,150
