Rupee rises 9 paise to 82.78 to dollar, paring previous session’s losses

Rupee Today: Local currency rises against USD

The rupee pared all of the previous session’s losses to gain against the dollar amid cautious trading and reduced liquidity as many markets were closed for holidays.

The domestic currency last traded at 82.7813 per dollar after shedding 9 paise in the previous session on Friday to settle at 82.8650, according to Bloomberg.

The rupee rose 3 paise to 82.79 against the dollar in early trade, PTI reported.

“As month-end, quarter-end and year-end approach, rupee-dollar is likely to open at 82.84 and stay within the range of 82.60 to 83.20,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

“Asian currencies were flat, as were all Asian stocks. Since today is a US holiday, there will be no cash demand for the dollar, and until the RBI protects the rupee, we may see it hover around 83.00. Exporters may sell dollars /USD INR is close to 82.90 and importers are likely to buy all near-term payables on dips,” he added.

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