Rupee Ends Marginally Up, But Remains Near Record Low

Rupee ends marginally up, but remains near record low

Mumbai, Sep 27 : The Indian rupee ended marginally up on Tuesday against a weak dollar, but it remained near record low levels.

 Rupee Ends Marginally Up, But Remains Near Record

The rupee ended at 81.58 as against 81.62 at close of the previous trading session.

On Monday, the rupee ended record low for the third straight session on risk-averse sentiments and unprecedented strength in the greenback following Fed tightening and recession worries.

It closed 63 paise down at 81.62 against the US dollar on Monday, against 80.99 in the previous trading session.

“Indian rupee and bond pared gains as nations’ debt inclusion in the JP Morgan EM bond could delay to next year while FTSE Russell will unveil the results of its review on Thursday,” said Dilip Parmar, Research Analyst, HDFC Securities.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.36 per cent to 113.608.

The Brent crude oil prices were trading at $85.66 per barrel.

Going forward, the investors are eying the RBI monetary policy scheduled on Friday and the dollar index for the short-term directional trend.

Meanwhile, Indian equities fell for the fifth straight day in a row with broader index falling marginally on global cues, dealers said.

At close, Sensex ended 37.70 points, or 0.07 per cent, down at 57,107.52, and Nifty closed 8.90 points, or 0.05 per cent, down at 17,007.40.A total of 1,882 shares have advanced, 1,522 shares have declined and 136 shares have remained unchanged.

Tata Steel, Titan Company, State Bank of India, Kotak Mahindra Bank, and ICICI Bank were major losers on the Sensex.

“We believe, spot USDINR could trade in the range of 82 to 79.90 before heading north,” Parmar added.


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