Rupee gains 12 paise to 81.96 against US dollar in early trade

the rupee It rose by 12 pounds to reach 81.96 against the US dollar in early trading on Friday, as a strong openness in the local stock markets and the weakness of the dollar against major competitors abroad boosted investor sentiment.

However, forex dealers said higher crude oil prices in international markets capped gains for the domestic unit.

In the interbank foreign exchange market, the local unit opened strongly at 81.97 against the dollar and then gained further momentum to 81.96, an increase of 12 pounds from its previous close.

In the initial trade, the local unit was moving in a narrow range of 81.92-81.97 against the greenback.

In the previous session on Thursday, the rupee settled at 82.08 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.19 percent to 99.26.

Brent crude futures, the global oil benchmark, rose 0.11 percent to $81.45 a barrel.

On the local stock market, the 30-share BSE Sensex traded 164.96 points, or 0.25 percent, at 65,723.85. The broader NSE Nifty advanced 56.15 points, or 0.29 percent, to 19469.90.

Foreign Institutional Investors (FIIs) They emerged as net buyers in the capital markets on Thursday as they bought shares worth Rs 2,237.93 crore, according to exchange data.