Rupee recovers ground, rises 24 paise to 85.48 against dollar, FII inflows and equity gains support rally – OXBIG NEWS NETWORK-OxBig News Network

The rupee appreciated 24 paise to settle at 85.48 against the US dollar on Friday, supported by strong foreign fund inflows and firm domestic equity markets.At the interbank foreign exchange, the rupee opened at 85.50 and moved between 85.43 and 85.65 during the day before closing at 85.48 (provisional), up from its previous close of 85.72.Forex traders said the decline in the dollar index and positive risk sentiment supported the rupee, although rising crude oil prices capped further gains.“FII inflows and falling dollar index allowed the rupee to move higher. The RBI is also buying the dips to liquidate its month-end positions,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, quoted PTI.Foreign institutional investors purchased equities worth Rs 12,594.38 crore on a net basis on Thursday, as per exchange data.However, traders remain cautious ahead of the July 9 deadline for the implementation of US President Donald Trump’s new tariff measures. “The Trump tariff’s date of July 9 is fast approaching and… market remains gripped with uncertainty. Therefore, there is a chance of rupee hitting 86 next week,” Bhansali added.The dollar index, which tracks the greenback against six major currencies, edged up 0.10% to 97.24 after earlier losses.Brent crude, the global benchmark, rose 0.72% to $68.22 per barrel in futures trade after easing in the previous session.On the equities front, the 30-share BSE Sensex climbed 303.03 points to end at 84,058.90, while the broader NSE Nifty gained 88.80 points to 25,637.80.