Rupee gains 7 paise to close at ₹77.98 against US dollar

The rupee appreciated by 7 paise to settle at ₹77.98 against the US dollar on Monday as crude oil prices retreated from elevated levels.

However, unabated foreign fund outflows restricted the appreciation bias in the rupee, forex dealers said.

At the interbank forex market, rupee opened strong at ₹77.98 against the greenback and witnessed an intra-day high of ₹77.87 and a low of ₹78.03.

It finally settled at ₹77.98, a rise of 7 paise over its previous close of ₹78.05.

“Rupee consolidated in a broad range despite volatility in domestic and global equities. Fed projection showed economic growth slowing to a below-trend rate of 1.7%,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

On the domestic equity market front, the BSE Sensex ended 237.42 points or 0.46% higher at 51,597.84, while the broader NSE Nifty advanced 56.65 points or 0.37% to 15,350.15.

The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.37% at 104.31.

Brent crude futures, the global oil benchmark, fell 0.11% to $112.99 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth ₹7,818.61 crore, as per exchange data.