Rupee appreciates 8 paise to 81.96 against US dollar

The rupee recovered 8 pounds to 81.96 against the US dollar in early trading on Tuesday, after gains in local stocks and dollar weakness in foreign markets.

The local currency opened higher at 82.02 against the dollar in the interbank foreign exchange market. It moved in a narrow range from 81.95 to 82.02 in early trading.

The rupee was trading at 81.96 against the US dollar at 9.45 am, recording a gain of 8 piastres from the previous close at 82.04.

The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.07 percent, at 102.63.

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The benchmark Brent crude price rose 0.44 percent to $74.51 a barrel.

“…81.75-55 seems to be more possible now, and we will move to the upside if only above 82.1,” Anand James, chief market strategist at Geojit Financial ServicesHe said.

In the domestic stock market, 30 shares Mad cow disease rebounded 187.41 points, or 0.30 percent, to 63,157.41 points, while the broader Advanced elegant 54.70 points, or 0.29 percent, to 18,745.90 points.

Foreign Portfolio Investors (FPIs) were net sellers in the capital market, on Monday, unloading shares worth Rs 409.43 crore, according to exchange data.