The rupee on Thursday strengthened by 67 paise to reach the level of 82.14 against the dollar. The rupee opened at 82.15 against the dollar at the Interbank Foreign Exchange. The rupee showed a strength of 67 paise against the previous close. Earlier on Tuesday, the rupee had gained seven paise to close at 82.81 points. On Wednesday, the forex market was closed on the occasion of Diwali Balipratipada.
According to Anil Kumar Bhansali of Finlex Treasury Advisors, the rupee strengthened due to the weakening of the dollar and crossing the 110 level. The reason for this fall in the dollar is the slight increase in interest rates in the US in November despite high inflation rates. However, the dollar index closed at 109.76 with a gain of 0.06 percent in a basket of six currencies.
However, a rise in oil prices from $90 a barrel to $94 a barrel may hold back the rupee, as oil is a major imported commodity for the country. Bhansali said oil companies and importers would use this opportunity to buy dollars at cheaper rates. Global oil benchmark Brent crude futures rose 0.26 percent to $95.94 per barrel.
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