Rupee rises 34 paise to close at 82.47 against US dollar

As the US dollar fell from its highs, the rupee gained 34 paise to close at 82.47 (provisional) against the dollar on Thursday.
At the interbank unfamiliar trade market, the nearby cash opened at 82.15 and saw a high of 82.14 and a low of 82.51.
It finally settled at 82.47 against the American dollar, up 34 paise from its previous close.
The rupee strengthened against the dollar by 7 paise to 82.81 in the previous session on Tuesday.
Wednesday’s forex market was closed due to Diwali Balipratipada.
“While the dollar fell against its major crosses, the rupee rose sharply.A retracement in the dollar was caused by weaker-than-expected US economic data, according to Forex & Bullion Analyst Gaurang Somaiya of Motilal Oswal Financial Services.
The United States Federal Reserve is expected to slow down the rate-hiking cycle.Somaiya added that this brought the euro back above parity with the dollar for the first time in a month.

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