Rupee surges 16 paise to close at 76.24 against U.S. dollar

The rupee appreciated by 16 paise to settle at 76.24 (provisional) against the U.S. dollar on Thursday, tracking positive domestic equities.

At the interbank forex market, the domestic unit opened at 76.17 against the U.S. dollar. It moved in a range of 75.99 to 76.30 during the session.

The rupee finally closed at 76.24, registering a rise of 16 paise over its previous close.

On Wednesday, the rupee had settled at 76.40.

The Indian rupee gained against the U.S. dollar after a surprise rate hike by the Reserve Bank of India and as the U.S. Fed Chairman Powell pushed back against a steeper 75 basis points rate hike in the coming months.

Additionally, foreign fund inflows into the local assets through the LIC IPO aided sentiments.

However, firm crude oil prices weighed on the rupee and kept the appreciation bias capped.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.22% higher at 102.81.

On the domestic equity market front, the 30-share BSE Sensex ended 33.20 points or 0.06% higher at 55,702.23, while the broader NSE Nifty inched up 5.05 points or 0.03% to 16,682.65.

Brent crude futures, the global oil benchmark, advanced 0.42% to $110.60 per barrel.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth ₹3,288.18 crore, as per stock exchange data.