Rupee rises 24 paise to 81.78 against US dollar

the Indian rupees It gained 24 pounds to reach 81.78 against the US dollar in early trading on Monday, tracking a positive trend in local stocks and foreign money inflows.

In the interbank foreign exchange market, the local unit opened at 81.90 against the dollar, then rose to 81.78, registering an increase of 24 pounds from its previous close.

On Thursday, the rupee closed at 82.02 against the greenback.

On April 7, the stock and forex markets are closed due to Good Friday.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.11 percent to 102.20.

Brent crude futures, the global oil benchmark, fell 0.22 percent to $84.93 a barrel.

On the domestic side, the rupee has remained largely unaffected yet RBI Monetary Policy Committee meeting.

“A pause in interest rate hikes could put pressure on the US-India interest rate differential and could put pressure on the rupee. Moreover, the market will continue to check the development of rising Covid cases in India,” CR Forex Advisors MD – said Amit Babari , adding that on April 9, India reported 5,357 new cases of COVID-19, with an active case count of 32,000.

In addition, it was noted that the Reserve Bank of India is barely keeping the dollar and the rupee below the levels of 81.80-81.50, so this area should act as a strong support for the pair, Babari added.

in the local stock market, The 30-share BSE Sensex advanced 55.91 points or 0.09 percent to 59,888.88. The broader NSE Nifty index rose 22.25 points, or 0.13 percent, to 17,621.40 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Thursday buying shares worth ₹475.81 crore, according to exchange data.