Rupee rises 24 paise to 81.73 against US dollar in early trade

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The rupee gained 24 pounds to reach 81.73 against the US dollar in early trading on Monday amid a positive trend in local stocks.

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

In the interbank foreign exchange market, the local unit opened at 81.85 against the dollar, then rose to 81.73, registering an increase of 24 pounds from its previous close.

On Friday, the rupee closed at 81.97 against the greenback.

Also read: Global 360: Can the rupee get stronger?

Forex traders said that the rupee is likely to trade with a positive bias of improving global risk sentiment and fresh foreign money inflows.

Moreover, weakness in crude oil prices and silence in the dollar index may support the local currency.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.09 percent to 104.43.

Brent crude futures, the global oil benchmark, fell 0.70 percent to $85.23 a barrel.

Also read: Sensex and Nifty opened higher on improving risk sentiment

In the local stock market, the BSE Sensex index of 30 shares rose 564.81 points, or 0.94 percent, to 60,373.78 points. The broader NSE Nifty index advanced 166.95 points, or 0.95 percent, to 17,761.30 points.

Foreign institutional investors (FIIs) were net buyers in the capital market on Friday buying shares worth ₹246.24 crore, according to exchange data.