Rupee rises 13 paise to close at 83.44 against U.S. dollar

Rupee gains against dollar on equity market boost and bond-related foreign inflows, despite strong U.S. dollar and oil demand.

The rupee appreciated 13 paise to settle at 83.44 (provisional) against the U.S. dollar on June 27, supported by a positive trend in equity markets and favourable domestic macroeconomic profile.

Forex traders said the strength of the American currency in the overseas market and U.S. dollar demand from oil marketing companies capped sharp gains for the local unit.

At the interbank foreign exchange market, the local unit opened at 83.56 and hit the intraday high of 83.43 against the greenback during the session.

It finally settled at 83.44 (provisional) against the dollar, registering a gain of 13 paise from its previous close.

On June 26, the rupee depreciated 14 paise against the U.S. dollar and settled at 83.57.

The Indian rupee appreciated on bond-related foreign inflows ahead of their inclusion in the JP Morgan debt index, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Domestic markets touched fresh record highs with the Nifty breaching the 24,000-mark for the first time, supporting the domestic currency.