Rupee gains 10 paise to close at 82.71 against US dollar

MUMBAI, NOV 2: The rupee appreciated 10 paise to close at 82.71 (provisional) against the US dollar on Tuesday, as the greenback retreated from its elevated levels.

At the interbank foreign exchange market, the local currency opened at 82.74 and witnessed a high of 82.59 and a low of 82.79.

 It finally settled at 82.71 against the American currency, registering a rise of 10 paise over its previous close amid a positive trend in domestic equities.

 On Monday, the rupee had settled 34 paise lower at 82.81.

 Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.49 per cent to 110.98.

 Global oil benchmark Brent crude futures rose 1.42 per cent to USD 94.13 per barrel.

 “Rupee consolidated in a narrow range ahead of the important events that are lined up,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

 For the first time since the implementation of the monetary policy framework in 2016, the Reserve Bank will submit a report to the government on its failure to keep the retail inflation rate below 6 per cent for three consecutive quarters beginning January 2022.

 The central bank has called a special meeting of its Monetary Policy Committee (MPC) on November 3.

-PTI