Rupee rises 18 paise to 81.93 against US dollar in early trade

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the Indian rupees It rose 18 pesos to 81.93 against the US dollar in early trade Thursday, tracking broad weakness in the US currency in overseas markets.

Forex traders said inflows of foreign funds also supported local unity.

In the foreign exchange market between banks, the local unit opened at 81.99 against the dollar, then rose to 81.93, registering an increase of 18 pounds from its previous close.

On Wednesday, the rupee closed at 82.11 against the greenback.

“Overall, USDINR enjoys strong support around 81.75-80 levels, as the RBI steps in to protect against a sharp rally. In addition, the ongoing geopolitical concerns and the Fed hike process are likely to affect investor sentiment and the USD could rebound to 82.50-82.80 levels. said CR Forex Advisors MD-Amit Babari.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.06 percent to 101.55.

Also read: Shares of TCS fell nearly 2% after the March first-quarter earnings announcement

Brent crude futures, the global oil benchmark, fell 0.22 percent to $87.14 a barrel.

“Brent crude rose to $87.25 a barrel as weak consumer price index in the US could mean the Federal Reserve may appear less hawkish,” the IFA Global Research Academy said in a research note.

In the domestic stock market, 30 shares BSE Sensex It fell 43.95 points, or 0.07 percent, to 60,348.82 points. the widest NSE Nifty It fell 1.05 points, or 0.01 percent, to 17,811.35 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Wednesday buying shares worth Rs 1,907.95 crore, according to exchange data.

On the domestic macroeconomic front, Retail inflation in March It fell to a 15-month low of 5.66 percent and returned to the Reserve Bank’s comfort level of 6 percent.

Industrial production growth in India rose slightly to 5.6 percent in February from 5.5 percent in January 2023, mainly due to the good performance of the energy, mining and manufacturing sectors, according to official data released on Wednesday.