Rupee gains 1 paisa to 82.16 against US dollar
the rupee The 1 pesa rose to 82.16 against the US dollar in early trade on Friday, tracking the dollar’s weakness against major currencies and positive sentiment in the local stock market.
Forex traders said It also supported the downward movement of crude oil prices local unity.
In the foreign exchange market between banks, the local unit opened strongly at 82.11 against the dollar and recorded the lowest level at 82.17 before trading at 82.16, registering an increase of 1 paisa from its previous close.
The rupee closed Thursday at 82.17 against the greenback.
Participants were also cautious due to expectations of an interest rate hike by the US Federal Reserve and other central banks.
“Bullish hopes abandoned once USDINR turned below 82.2. Look for today’s bounce as long as 81.97 holds, but target 82.4 now appears further away. Towards this end, expect selling pressure on first entry into 82.15-82.20 region,” Anand James , chief market strategist at Geojit Financial Services, said in a pre-market note.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.04 percent to 108.80.
Brent crude futures, the global oil benchmark, fell 0.09 percent to $81.03 a barrel.
In the domestic stock market, 30 shares BSE Sensex It advanced 109.93 points, or 0.18 percent, to 59,742.28 points. The broader NSE Nifty Index rose 21.95 points, or 0.12 percent, to 17,646.40.
foreign institutional investors (FIIs) were net sellers in the capital market on Thursday unloading shares worth Rs 1,169.32 crore, according to exchange data.