Nickel futures rose today by 0.25% largely supported by rising domestic demand from alloy-makers and the weakness in rupee.
The rupee hit an all-time low of 54.82 a dollar in early trade today after settling at 54.47 a dollar Thursday. A weak rupee makes import of dollar-denomindated commodities more expensive in the domestic market.
However, weakness in the metal at the London Metal Exchange capped the upside.
At the MCX, nickel for delivery in June rose by Rs 2.10, or 0.25% to Rs 944.30 per kg, with a business turnover of 186 lots.
The metal for delivery in May gained Rs 1.90, or 0.20%, to Rs 944.40 per kg, with a business turnover of 1,296 lots.
At the LME, nickel fell by 0.6% to $17,100 per tonne in early trade today.