Rupee rises 11 paise to 82.01 against US dollar

Posted on by

the rupee It rose 11 pounds to 82.01 against the US dollar in early trading on Wednesday, tracking a positive trend in local stocks and foreign money inflows.

Forex traders said that investors are focusing on India’s CPI data due for release later in the day.

In the interbank foreign exchange market, the local unit opened at 82.08 against the dollar, then rose to 82.01, registering an increase of 11 pounds from the previous close.

On Tuesday, the rupee closed at 82.12 against the greenback.

Also read: Mahindra Group Emeritus Chairman Kishub Mahindra passes away

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.11 percent to 102.08.

Brent crude futures, the global oil benchmark, advanced 0.04 percent to $85.64 a barrel.

“The market will focus on India’s CPI data, which is expected to come in at 5.80 percent versus 6.44 percent previously,” said Amit Babari CR Forex Advisors.

However, lower inflation will pay off Reserve Bank of India To focus on the interest rate hike cycle, which could hurt the rupee in the future due to the narrowing of the interest rate differential between the US and India, Babari added.

In the domestic stock market, 30 shares BSE Sensex leads by 74.07 points or 0.12 percent to 60,231.79. The broader NSE Nifty index rose 37.45 points, or 0.21 percent, to 17,759.75.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Tuesday buying shares worth Rs 342.84 crore, according to exchange data.