Rupee gains 17 paise to close at 81.11 against U.S. dollar

Mumbai

The rupee appreciated by 17 paise to close at 81.11 (provisional) against the U.S. dollar on November 15, on positive domestic macroeconomic data and weak American currency.

Forex traders said a firm trend in domestic equities, sustained foreign fund inflows 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 81.04 and a low of 81.45 against the greenback.

The local unit finally settled at 81.11, registering a rise of 17 paise over its previous close.

On Monday, the rupee depreciated by 50 paise to close at 81.28 against the U.S. currency.

"Rupee opened on a flat note and started to appreciate in the latter half. Momentum in the dollar turned negative after one of the Fed members hinted towards a slower rate hike process," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

On the domestic macroeconomic front, indicating easing of the price situation, retail inflation moderated to 6.7% in October while the wholesale price index-based inflation fell to a 19-month low mainly on account of subdued rates of food items.