Rupee rises 2 paise to 77.59 versus US dollar

The Indian rupee on Friday gained 2 paise against the dollar, closing provisionally at 77.59 against the greenback, boosted by bullish local equities and global dollar weakness.

The rupee consolidated in a limited range, according to forex traders, as rising crude oil prices, fiscal deficit concerns, and continued FII outflows weighed on the local currency.

The rupee opened at 77.60 against the dollar on the interbank forex market and traded in a range of 77.57 to 77.67 throughout the day.  The rupee ended the day at 77.59, up 2 paise from the previous closing of 77.61.

The dollar index, which measures the value of the dollar against a basket of six currencies, dropped 0.05 percent to 101.78.  Meanwhile, the global oil benchmark, Brent crude futures, climbed 0.55 percent to USD 118.05 per barrel.

On the domestic equities market, the BSE Sensex rose 632.13 points, or 1.17 percent, to 54,884.66, while the NSE Nifty advanced 182.30 points, or 1.13 percent, to 16,352.45.

According to stock exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 1,597.84 crore.

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