MUMBAI, Oct 29: The Indian rupee rose by seven paise to close at 88.22 against the USD on Wednesday, supported by strong domestic markets and optimism over a potential India-US trade deal.
Forex traders attributed the gains to positive market sentiment, easing crude oil prices, and upbeat investor confidence, though importer demand for dollars limited sharp appreciation.
The rupee traded in a range of 88.15–88.35 during the day, opening at 88.21.
Analysts expect a slight positive bias for the rupee, but caution remains ahead of the US Federal Reserve’s FOMC meeting.
Meanwhile, domestic equities gained, with the Sensex climbing 368.97 points to 84,997.13 and the Nifty rising 117.70 points to 26,053.90, while foreign investors sold shares worth Rs 2,540.16 crore. Industrial production growth remained steady at 4% in September, driven by manufacturing performance boosted by GST rationalisation and festive demand.
Brent crude rose 0.22% to $65.54 per barrel, and the dollar index increased 0.21% to 98.87. (PTI)
