Rupee inches up by 2 paise to 82.89 against dollar

Rupee inches up: In a range-bound tre on Monday, rupee edged up by 2 paise to settle at 82.89 (provisional) against US dollar, supported by inflows of foreign funds and softer crude oil prices. Forex trers noted that dollar's retreat from higher levels also contributed to rupee's modest gains.

Opening at 82.88, currency saw a day of fluctuation, reaching an intra-day high of 82.86 and a low of 82.91 against dollar. Friday saw close 6 paise lower at 82.91.

Jateen Trivedi, VP Research Analyst, LKP Securities, stated, " rupee gained by Rs 0.05, reaching 82.88 against dollar. This increase was supported by dollar index remaining low, hovering near $103.75. pullback in dollar index has contributed to rupee's ability to stay above 83.00." 

Investors remained cautious ahe of key macroeconomic data releases, including inflation figures. dollar index, which measures greenback against a basket of six currencies, was marginally lower at 103.80.

" upcoming week is anticipated to be data-heavy, with several major economic releases scheduled. se events will likely keep both US dollar and rupee busy as trers react to incoming data. Rupee's bro range is expected to remain between 82.70 and 83.15, reflecting ongoing volatility and uncertainty in currency markets," Trivedi ded. 

Meanwhile, Brent crude futures, global oil benchmark, tred lower at $81.15 per barrel, furr supporting rupee.

On domestic front, Sensex fell by 352.67 points, or 0.48 per cent, settling at 72,790.13 points, while Nifty dropped 90.65 points, or 0.41 per cent, to 22,122.05 points.

Foreign Institutional Investors (FIIs) were net buyers on Friday, purchasing shares worth Rs 1,276.09 crore, as per exchange data.

ditionally, forex reserves fell by $5.24 billion to $617.23 billion for week ending February 9, according to Reserve Bank of India (RBI).