Rupee rises 10 paise to 81.72 against US dollar

Posted on by

the rupee It gained 10 pounds to 81.72 against the US dollar in early trade on Tuesday, tracking the weakness of the greenback and a strong trend in local stocks.

Forex dealers said large foreign money inflows and crude oil prices below $80 a barrel also supported local unity.

In the interbank foreign exchange market, the local unit opened at 81.75 against the dollar and then rose to 81.72, registering an increase of 10 pounds from its previous close.

On Friday, and The rupee closed at 81.82 against the American currency.

The forex and stock markets closed on Monday on account of the Maharashtra Day.

Also read: New PSU Gujarat Policy: An Analysis of Dividend Potential and Scope

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.12 percent to 102.03.

Brent crude futures, the global oil benchmark, advanced 0.15 percent to $79.43 a barrel.

Forex traders said that investors are waiting for signals from the Federal Open Market Committee meeting that begins later in the day. The market is now awaiting the results of the Federal Open Market Committee (FOMC) on May 3rd.

Markets are wondering if this will be the last rally of the season or if there is a surprise waiting for them. “A 25 basis point rise on a cautiously hawkish tone amid resilient economic data will pump the dollar back above 103 levels,” said Amit Babari of CR Forex Advisors MD.

In the domestic stock market, 30 shares BSE Sensex advanced 336.5 points, or 0.55 per cent to 61,448.94. The broader NSE Nifty index rose 96.50 points, or 0.53 percent, to 18,161.50 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Friday buying shares worth ₹3,304.32 crore, according to exchange data.

On the domestic macro front, benchmark GST clusters and a higher four-month manufacturing PMI are helping to feel the upside.

the GST collection in April increased by 12 per cent annually to over INR 1.87 crore, touching an all-time high per month, Finance Ministry data released on Monday said.

Manufacturing activities in India accelerated further and It touched a four-month high in April. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index rose from 56.4 in March to 57.2 in April.