Rupee rises 10 paise to 82.30 against US dollar

The rupee gained 10 pounds to reach 82.30 against the US dollar in early trading on Friday on the back of broad dollar weakness and positive trend in local stocks.

In the interbank foreign exchange market, the local unit opened at 82.31 against the dollar and then rose to 82.30, recording a gain of 10 pounds from its previous close.

Thursday, The rupee closed at 82.40 against the American currency.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.08 percent to 103.47.

Brent crude futures, the global oil benchmark, advanced 0.65 percent to $74.76 a barrel.

Forex traders said risk sentiment has improved and Asian currencies are trading stronger against the US dollar.

“With the strong data coming out of the US and the Eurozone, risk sentiment appears to be positive,” said the IFA Global Research Academy, adding that the US dollar is weak across the board and Asian currencies are 0.2-0.9 percent stronger against the greenback.

Also read: The rupee gained 33 pounds against the US dollar on the back of positive macroeconomic data, and foreign money inflows

Besides, positive macroeconomic data supported domestic unity, according to traders.

According to official data released on Thursday, GST collections crossed ₹ 1.50 lakh crores For the third consecutive month, recording an increase of 12 per cent in May at more than INR 1.57 lakh crore.

Moreover, manufacturing activities in India advanced further and touched a 31-month high in May supported by a stronger increase in new orders and favorable market conditions.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index The Purchasing Managers’ Index (PMI) increased from 57.2 in April to 58.7 in May.

In the local stock market, the 30-share BSE Sensex Index advanced 151.98 points, or 0.24 percent, to 62,580.52. The broader NSE Nifty index rose 48.95 points, or 0.26 percent, to 18,536.70 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday unloading shares worth Rs 71.07 crore, according to exchange data.