The rupee rises 29 paise to settle at 82.37 per dollar

The rupee rose 29 paise against the US dollar on Monday, buoyed by a weaker greenback overseas and a robust trend in domestic markets.

The local currency opened at 82.41 against the US dollar on the interbank foreign exchange market, reaching an intraday top of 82.25 and a low of 82.44.

It eventually closed at 82.37 (provisional), up 29 paise from the previous closing.

The rupee closed at 82.66 per dollar on Friday.

The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.24 percent to 103.62.

The rupee gained in line with Asian currencies, reaching a month high, according to Dilip Parmar, Research Analyst at HDFC Securities.

"The rupee has lagged its regional rivals in recent days, owing to a large current account deficit and foreign fund outflows. However, based on recent high-frequency data and a comeback in risk assets, the rupee may begin to catch up with the other Asian currencies "Parmar stated.

The near-term focus will be on the Chinese yuan's volatility and this week's inflation statistics from the United States and India, he added.

The 30-share BSE Sensex gained 846.94 points, or 1.41 percent, to end at 60,747.31, while the wider NSE Nifty gained 241.75 points, or 1.35 percent, to 18,101.20.

Brent crude futures increased 3.27 percent to USD 81.14 per barrel, the global oil benchmark.

According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, offloading shares worth Rs 2,902.46 crore.