The rupee gains 17 paise to settle at 82.65 per dollar
The dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.11 percent to 104.31.
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On Monday, the rupee gained 17 paise to settle at 82.65 (provisional) against the US dollar, mirroring bullish local equities and the depreciation of the US currency in the international market.
The local currency opened at 82.79 against the US dollar on the interbank foreign exchange market, reaching an intraday top of 82.63 and a low of 82.83.
It eventually finished at 82.65, up 17 paise from its previous closing of 82.82.
According to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, the rupee strengthened on Monday as domestic stocks rose and the US dollar fell. Domestic indices increased by about 1.5%. The US Dollar has weakened as global risk sentiment has improved and US inflation has slowed.
"We expect the rupee to trade with a positive bias on weakness in the Dollar and favourable domestic markets. The decline in safe-haven attraction as risk appetite rises in global markets may put pressure on the currency.
"However, the jump in crude oil prices dampens the rupee's strong rise. "The USD/INR spot pricing is projected to trade between Rs 82 and Rs 83.30," Choudhary added.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.11 percent to 104.31.
Brent crude futures increased 3.63 percent to USD 83.92 per barrel, the global oil benchmark.
The 30-share BSE Sensex jumped 721.13 points, or 1.20 percent, to end at 60,566.42, while the wider NSE Nifty rose 207.80 points, or 1.17 percent, to 18,014.60.
According to exchange data, Foreign Institutional Investors (FIIs) continued to be net sellers in the capital markets on Friday, offloading shares worth Rs 706.84 crore.
