Rupee moves up 7 paise to 82.96 against dollar in early trade

The rupee appreciated 7 paise to 82.96 against the US dollar in early trade on Monday, as a weak American currency in the overseas markets and unabated foreign fund inflows boosted investor sentiment.

However, a muted trend in the domestic equity markets restricted gains in the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened 6 paise higher at 82.97 against the dollar. In early trade, the rupee was oscillating between 82.95 and 83.02.

In initial deals, the rupee was trading at 82.96 against the US dollar, a gain of 7 paise over its previous close.

On Friday, the rupee settled at 83.03 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent lower at 102.10.

Brent crude futures, the global oil benchmark, advanced 0.41 per cent to $76.86 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 75.89 points or 0.11 per cent lower at 71,407.86. The broader NSE Nifty slipped 29.20 points or 0.14 per cent to 21,427.45.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 9,239.42 crore, according to exchange data.

In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country’s resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024.