Rupee rises 33 paise to 81.77 against US dollar in early trade

the rupee It rose 33 pounds to 81.77 against the US dollar in early trading on Monday, supported by continuous inflows of foreign funds and bullish momentum in local stocks. Benchmarks touched all-time highs.

In the interbank foreign exchange market, the local unit opened at 82.01 against the dollar and then rose to 81.77, recording gains of 33 pounds from its previous close.

On Friday, the rupee closed at 82.10 against the greenback.

Forex traders said that the rupee is trading positively on the back of significant foreign money inflows and positive macroeconomic indicators.

According to Anil Kumar Bhansali, Head of Treasury and CEO at Finrex Treasury Advisors LLP, the rupee is likely to trade in the range of 81.90 to 82.20 on the day.

“…the rupee appears to remain in the above range as the macro data is coming out of India much better than most other countries. The GST numbers and core sector growth were better than expected,” Bhansali said.

Foreign Portfolio Investors (FPIs) have 47,148 crore injected into Indian stocks in Junemaking it the highest inflow in 10 months.

According to official figures, GST collections have crossed the $1.60 lakh crores mark For the fourth time since the introduction of the indirect tax system, it rose by 12 percent to more than INR 1.61 crore in June.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.05 percent to 102.96.

Brent crude futures, the global oil benchmark, were trading up 0.07 percent at $75.46 a barrel.

In the local stock market, the 30-share BSE Sensex Index advanced 385.17 points, or 0.60 percent, to touch an all-time high of 65,103.73. The broader NSE Nifty index rose 112.35 points, or 0.59 percent, to a lifetime high of 19,301.40.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday buying shares worth Rs 6,397.13 crore, according to exchange data.