Rupee rises 15 paise to 82.16 against US dollar in

The rupee rose 15 pounds to 82.16 against the US dollar in early trading on Tuesday as the weakness of the US currency and the positive trend in local stocks boosted investor sentiment.

In the interbank foreign exchange market, the local unit opened at 82.20 against the dollar, then rose to 82.16, registering an increase of 15 pounds from its previous close.

On Monday, the rupee closed at 82.31 against the greenback.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.25 percent to 102.59.

Brent crude futures, the global oil benchmark, fell 0.42 percent to $77.79 a barrel.

“The Indian rupee is likely to trade higher in the last few days of the financial year on the back of year-end inflows which maintain the broader range of 81.80 to 82.50,” said Amit Babari CR Forex Advisors.

HDFC is set to raise the 57,000 ruble core through the bond issue which may support the rupee in the near term, he said.

“Moreover, the downward trend of the rupee has been set due to the current liquidity injection program of the Fed and the strong willingness to support and halt any rise in the banking crisis which has hurt the demand for the US dollar. This may help the rupee to move towards levels close to 81.80 in the current month.”

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they unloaded shares worth Rs 890.64 crore, according to exchange data.