Rupee rises 15 paise to 81.65 against US dollar in early trade

the rupee It rose 15 pounds to 81.65 against the US dollar in early trading on Thursday, tracking the weakness of the US currency in overseas markets.

Forex dealers said large foreign money inflows and crude oil prices below $75 a barrel also supported local unity.

In the interbank foreign exchange market, the local unit opened strongly at 81.68 against the dollar and then rose to 81.65, registering an increase of 15 pounds from its previous close.

On Wednesday, the rupee closed at 81.80 against the greenback.

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Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.24 percent to 101.09.

The Fed raised interest rates by 25 basis points to 5.00-5.25 per cent, in line with market expectations. In its statement, the FOMC removed mention of future rate hikes, hinting at a possible pause in June, which has impacted financially. big on DXY.” CR Forex Advisors MD Amit Babari said.

Brent crude futures, the global oil benchmark, advanced 0.57 percent to $72.74 a barrel.

“Substantial weakness in the US dollar and lower crude oil prices continued to help the local currency trade higher. However, the Reserve Bank of India continued to shed excess dollars to avoid volatility and build up foreign exchange reserves. FII continued to remain positive for the month of May as it remained India lists a stronghold compared to its peers, which also affects the demand for the dollar.”

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Wednesday buying shares worth Rs 1,338.00 crore, according to exchange data.

Babari added, “In general, the rupee is expected to trade in a narrow range from 81.70 to 82.30 levels as geopolitical tensions are increasing leading to huge fluctuations.”

In the domestic stock market, 30 shares BSE Sensex It advanced 76.42 points, or 0.12 percent, to 61,269.72 points. the widest NSE Nifty The index rose 29.30 points, or 0.16 percent, to 18,119.15 points.