Rupee rises 11 paise to 82.48 against US dollar

the The rupee continued its upward trend It rose 11 pounds to 82.48 against the US dollar in early trading on Monday, tracking the decline in crude oil prices and the stability of Asian currencies.

Dealers said that the strength of the dollar and negative sentiment in global and local stock markets limited the rupee’s gains.

In the interbank foreign exchange market, the domestic unit opened stronger at 82.48 against the US dollar and then fell to 82.52. It rose further to 82.48, recording a gain of 11 paise.

The Indian currency was trading between 82.46 and 82.55.

On Friday, the rupee settled at 82.59 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.16 percent, at 103.87.

Brent crude futures fell 0.52 percent to $72.59 a barrel.

The 30-share BSE Sensex traded down 461.61 points, or 0.80 percent, at 57,528.29 points, while the broader NSE Nifty index fell 158.05 points, or 0.92 percent, at 16,942.00 points.

An encroachment in US and European banking stocks last week negatively affected investor sentiment amid concerns about the health of the global banking system.

Foreign Institutional Investors (FIIs) were net sellers in the local capital market on Friday unloading shares worth Rs 1,766.53 crore, according to exchange data.