Rupee rises 21 paise to 82.38 against US dollar in early trade

Posted on by

The rupee gained 21 pounds to reach 82.38 against the US dollar in early trading on Tuesday, supported by the bullish trend in local markets and steady foreign money inflows.

However, forex dealers said higher crude oil prices capped sharp domestic unit gains.

In the foreign exchange market between banks, the local unit opened at 82.42, then touched the highest level at 82.38 against the US currency, registering an increase of 21 pounds from its last close.

Monday , The rupee settled at 82.59 against the dollar.

A weaker US dollar and continued inflows support the rupee, forex traders said, adding that strength in crude oil prices remains a concern for the rupee, as a sharp rise in prices could cap its gains.

The dollar index fell 0.15 percent to 101.81.

Brent crude futures, the global oil benchmark, rose 0.54 percent to $78.11 a barrel.

Also read: Modi’s efforts to move the global Indian rupee got off to a slow start

said Anil Kumar Bhansali, Head of Treasury and Executive Director of Treasury Advisors at Fenix ​​LLP.

In the local stock market, BSE Sensex shares were traded by 342.26 points, or 0.52 percent, at 65,686.43 points. NSE Nifty advanced 96 points, or 0.5 percent, to 19451.90.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday buying shares worth ₹588.48 crore, according to exchange data.