Rupee appreciated by 9 paise to close at 82.31 against US dollar

The rupee appreciated by 9 paise to 8231 provisional against the US dollar on Friday supported by broad dollar weakness and a positive trend in domestic equitiesAt the interbank foreign exchange market the local unit opened on a positive note against the US dollar and settled at 8231 provisional up 9 paise over its previous closeDuring the day the domestic unit witnessed an intraday high of 8227 and a low of 8238 in the day tradeOn Thursday the rupee closed at 8240 against the US currency The Indian rupee strengthened for the second consecutive day on positive domestic markets and a weak US dollar However a rebound in crude oil prices capped sharp gains said Anuj Choudhary Research Analyst Sharekhan by BNP ParibasThe dollar index which gauges the greenbacks strength against a basket of six currencies fell 012 per cent to 10343 Global oil benchmark Brent crude futures advanced 128 per cent to USD 7523 per barrelWe expect rupee to trade with a slight positive bias in the near term on riskon sentiments in the global markets amid debtceiling bill being passed and rising odds of a pause in rate hike by the US Federal Reserve in June Choudhary saidChoudhary further added that concerns over global economic slowdown and recovery in crude oil prices may prevent sharp upside Traders may remain cautious ahead of US nonfarm payrolls and unemployment rate data We expect USDINR spot to trade in between 8180 to 8280 in the nearterm Choudhary saidBesides positive macroeconomic data supported the local unit traders saidAccording to official data released on Thursday GST collections crossed Rs 150 lakh crore for the third month in a row recording a 12 per cent increase in May at over Rs 157 lakh croreMoreover manufacturing activities in India advanced further and touched a 31month high in May supported by stronger increase in new orders and favourable market conditionsThe seasonally adjusted SampP Global India Manufacturing Purchasing Managers Index PMI rose from 572 in April to 587 in May On the domestic equity market front the 30share BSE Sensex advanced 11857 points or 019 per cent to end at 6254711 points and the broader NSE Nifty rose 4635 points or 025 per cent to 1853410 pointsForeign Institutional Investors FIIs were net sellers in the capital market on Thursday as they offloaded shares worth Rs 7107 crore according to exchange dataThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever