Delhi, 29 October (H.S.): The Indian rupee demonstrated notable resilience in the currency market on Wednesday, concluding the session with a gain of 7 paise against the US dollar to settle at a provisional 88.20. The positive momentum was driven by strong global cues and renewed purchasing by foreign investors in the domestic stock market.

On the previous trading day, Tuesday, the currency had closed at 88.27 per dollar.The rupee also registered a significant gain of 91.12 paise against the British pound, closing at a provisional 116.62.The day’s trading began on a firm note for the Indian currency, opening 5 paise stronger at 88.22 in the interbank foreign exchange market. However, early pressure from a sell-off by foreign investors and a subsequent rise in dollar demand caused the rupee to pare its initial gains, slipping to a low of 88.35.

A turnaround occurred during the second half of the session as foreign investors shifted from selling to buying, coupled with a stabilization in crude oil prices. This shift curtailed the demand for the dollar, allowing the rupee to recover. By approximately 2:00 PM, an increased inflow of dollars into the stock market propelled the Indian currency to a high of 88.14, a gain of 13 paise. After a day of fluctuating trade, the rupee ultimately ended the day with a 7-paise appreciation.

The rupee also performed strongly against other major international currencies. It advanced by 19.20 paise against the Euro, closing at a provisional level of 102.68.

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Hindusthan Samachar / Jun Sarkar