Rupee rises 6 paise to close at 83.55 against US dollar

On Tuesday, the rupee plunged 17 paise to hit its low.

The rupee rebounded from its all-time low levels and appreciated 6 paise to close at 83.55 (provisional) against the US dollar on Thursday, as the American currency and brent crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at 83.51 against the greenback. The unit hit an intra-day high of 83.49.

The domestic unit finally settled at 83.55 (provisional) against the dollar, 6 paise higher from its previous close. On Tuesday, the rupee plunged 17 paise to hit its lowest level of 83.61 against the US dollar for the second time in four weeks. Forex and money markets were closed on Wednesday on account of 'Ram Navami'.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07 per cent lower at 105.87. Brent crude futures, the global oil benchmark, fell 0.93 per cent to USD 86.48 per barrel. On the domestic equity market front, both the benchmark indices witnessed heavy volatility. After opening on a positive note both benchmark indices pared their gains and settled in the negative territory. Sensex declined 454.69 points, or 0.62 per cent, to settle at 72,488.99 points.

The Nifty fell 152.05 points, or 0.69 per cent, to close at 21,995.85 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 4,468.09 crore, according to exchange data.