Rupee edges up 1 paisa to 82.03 amid weak dollar, stocks rally

The rupee rose 1 paisa to settle at 82.03 (temporary) against the US dollar in quiet trading on Tuesday amid dollar weakness in overseas markets and recovery in local stocks.

While concerns about raising interest rates in the US and geopolitical concerns capped gains in domestic unity, analysts said weakness in the US currency in global markets and lower crude oil prices supported the rupee.

In the interbank foreign exchange market, the rupee opened higher at 82.02 and later moved in a narrow range from 81.95 to 82.03 on the day.

The local currency settled at its lowest level today at 82.03 (temporary) against the US dollar, reflecting the rise of 1 paisa during the recent closure.

the The rupee has fallen by 8 pesos to close at 82.04 on Monday.

The dollar index fell 0.10 percent to 102.58 points.

The dollar showed some weakness ahead of the release of US data that may have some impact on the timing of the Fed’s interest rate hike.

Brent crude, the global benchmark for crude oil, fell 1.5 percent to $73.07 a barrel ahead of the release of US oil inventories data later in the day.

BSE Sensex rebounded 446.03 points To settle at 63,416.03 points, Nifty shares rose 126.20 points, to close at 18,817.40 points.

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