MUMBAI, OCT 15 (PTI): The rupee logged the fifth straight session of gains on Thursday, appreciating 18 paise to close at 94.99 against the US dollar, supported by the ongoing impact of the Reserve Bank of India’s structural forex interventions.
Market participants attributed the rupee’s continued appreciation to central bank intervention and the unwinding of long dollar positions.
However, ongoing external macroeconomic pressures are likely to temper further gains, they said.
At the interbank foreign exchange market, the rupee opened at 94.95 against the American currency. In intraday trade, it touched a high of 94.86 and a low of 95.11 and settled at 94.99 against the greenback, registering a gain of 18 paise from its previous close.
On Wednesday, the rupee appreciated 19 paise to close at 95.17 against the US dollar.
In the last five sessions, the rupee has gained 189 paise against the US dollar.
“The Indian rupee extended its winning streak to a fifth consecutive session, supported by easing crude oil prices, the unwinding of dollar long positions, and strong domestic risk appetite.
“However, early intraday gains were partially pared amid a widening trade deficit and robust dollar demand from importers,” said Dilip Parmar – Senior Research Analyst, HDFC Securities.
From a technical perspective, spot USD/INR has support at 94.70, while resistance is placed at 95.50, Parmar added.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.57 per cent at 101.96.
Brent crude, the global oil benchmark, was trading lower by 1.82 per cent at USD 104.13 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 1,533.72 points to settle at 74,315.61, while the Nifty closed 374.65 points higher at 22,997.35.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,285.37 crore on a net basis on Thursday, according to exchange data.
The post Rupee logs 5th straight session of gain; closes 18 paise higher at 94.99 vs USD first appeared on Nagaland Post.