The Indian rupee strengthened 45 paise to settle provisionally at 79.24 against the US dollar on Friday, as strong purchasing in domestic stocks and a declining US dollar improved investor mood. Also, , recent inflows of foreign capital helped the domestic currency, as per forex brokers.
The local currency started out strongly on the interbank foreign exchange market at 79.55 per dollar. It lingered between 79.56 and 79.17 during the session. The rupee eventually rose 45 paise from its previous close to close at 79.24 against the US dollar.
The rupee gained 22 paise to settle at 79.69 against the dollar in the previous session. On the Indian share market front, the BSE Sensex closed 712.46 points or 1.25 percent higher at 57,570.25 on the domestic equities market, while the larger NSE Nifty gained 228.65 points or 1.35 percent to 17,158.25.
The dollar index, which measures the value of the dollar in relation to a basket of six different currencies, decreased 0.21 percent to 106.13. The benchmark for world oil, Brent crude futures, increased 2.28 percent to USD 109.58 a barrel.
According to exchange data, foreign institutional investors bought shares worth Rs. 1,637.69 crore on Thursday, turning them into net buyers in the capital markets.
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