Rupee appreciated by 33 paise to close at 82.42 against US dollar

The rupee appreciated by 33 paise to close at 8242 provisional against the US dollar on Thursday as positive macroeconomic data strengthened investor sentimentsAt the interbank foreign exchange market the local unit opened at 8254 against the US dollar and settled at 8242 provisional up 33 paise over its previous close amid sustained foreign fund inflowsDuring the day the domestic unit witnessed an intraday high of 8236 and a low of 8254 On Wednesday the rupee closed at 8275 against the US currency The dollar index which gauges the greenbacks strength against a basket of six currencies fell 020 per cent to 10412Global oil benchmark Brent crude futures advanced 017 per cent to USD 7272 per barrel The Indian rupee strengthened amid stellar economic data and foreign fund inflows It has clocked the best singleday gain in almost two months following dollar inflows and lower commodity prices Dilip Parmar Research Analyst HDFC Securities saidForeign institutions bought USD 45 billion of domestic stocks in May the most since November Though the spot USDINR fell on Thursday technical is signalling a continuation of the bullish trend Parmar said adding that looking ahead traders will eye on Fridays US payrolls data ahead of the Federal Reserves June meetingOn the domestic equity market front the 30share BSE Sensex declined 19370 points or 031 per cent to end at 6242854 points and the broader NSE Nifty fell 4665 points or 025 per cent to 1848775 pointsForeign Institutional Investors FIIs were net buyers in the capital market on Wednesday as they purchased shares worth Rs 340590 crore according to exchange data On the domestic macroeconomic front manufacturing activities in India advanced further and touched a 31month high in May supported by stronger increase in new orders and favourable market conditionsMeanwhile the Centres fiscal deficit narrowed to 64 per cent of the GDP in 202223 from 671 per cent in FY22 Unveiling the revenueexpenditure data of the Union government for 202223 the Controller General of Accounts CGA said the fiscal deficit in absolute terms was Rs 1733131 crore provisional marginally down from the amount projected in the Revised Estimates RE in the BudgetMoreover according to official figures released on Wednesday Indias economy grew by 61 per cent in the March quarter of 202223 pushing the annual growth rate to 72 per cent on account of better performance by agriculture manufacturing mining and construction sectorsThis 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