Rupee adds 3 paise against the dollar to close at 77.53

The Indian rupee gained 3 paise against the dollar on Friday, closing at 77.53, helped by a rally in local markets. The rupee opened at 77.51 against the dollar on the interbank forex market and traded in a range of 77.49 to 77.60 during the day. The rupee ended the day at 77.53, up 3 paise from the previous closing of 77.56.

After six weeks of upward progress, the dollar index saw its first weekly dip, owing to position liquidation and a preference for other currencies to emerge at a lower level.

The dollar index, which measures the strength of the greenback against a basket of six currencies, increased by 0.15 percent to 102.88. Meanwhile, Brent crude futures, the global oil benchmark, climbed 0.10 percent to USD112.15 per barrel.

On the Indian stock market front, the BSE Sensex rose 1,534.16 points, or 2.91 percent, to 54,326.39, while the broader NSE Nifty rose 456.75 points, or 2.89 percent, to 16,266.15. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Thursday, selling shares worth Rs.4,899.92 crore. 

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