Rupee moves in narrow range against US dollar in early trade

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the rupee It was range trading in Tuesday morning trade as the upside in positive local stocks and a weaker US dollar were negated by flat crude oil prices.

In interbank foreign exchange, the rupee opened at 81.96 against the dollar. It touched an early low of 82.09 in initial trades.

On Monday, the rupee settled at 81.99 against the US dollar.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, was trading at 102.35, down 0.22 percent.

Brent crude futures advanced 0.64 percent to $84.72 a barrel.

The rupee floated nicely between a narrow range of 81.80-82.20 waiting to set the tone after the release of US and domestic CPI, according to CR Forex Advisors MD Amit Babari.

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All eyes are on the release of inflation data in India and the US, along with the FOMC meeting minutes, which will now become decisive in determining the direction of the market.

“The market shape appears to remain positive with a healthy earnings season expected in the fourth quarter. Also, NTPC set to raise Rs 3,000 crore via bond issue could invite some foreign bids and extend short-term gains to the rupee,” Babari said. .

On the domestic stock market front, BSE Sensex was trading up 277.59 points, or 0.46 percent, at 60,124.10 points.While the broader NSE Nifty index advanced by 85.90 points, or 0.49 percent, to 17,709.95.

foreign institutional investors They were net buyers in the capital market on Monday buying shares worth Rs 882.52 crore, according to exchange data.