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The rupee appreciated 39 paise to 72.61 against the dollar on Friday, following US mid-tem election results and easing crude oil prices.
At 3.30 pm, the domestic currency was quoted at 72.61, reflecting a rise of 39 paise over its previous close of 73 against the dollar. The rupee moved in a range between 72.82 and 72.58 intraday.
Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit’s weakness against some currencies overseas.
The US mid-tem election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee.
The Democrats now have majority in the 435-member House, while Trump’s party has retained majority in the 100-member Senate.
Moreover, easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at $70.70 per barrel.
The rupee had rebounded by 12 paise to end at 73 per US dollar on Tuesday on increased selling of the greenback by exporters and softening crude oil prices.
The forex market was closed on Wednesday and Thursday on account of ‘Diwali’ and ‘Diwali Balipratipada’ respectively.
Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 31.02 crore on Wednesday, as per provisional data.
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