Rupee rises 39 paise to 82.36 against US dollar

The rupee rose 39 pounds to 82.36 against the US dollar in early trading on Thursday as positive macroeconomic data boosted investor sentiment.

In interbank foreign exchange, the local unit opened at 82.54 against the dollar and then rose to 82.36, recording a gain of 39 pounds from its previous close.

On Wednesday, the rupee closed at 82.75 against the greenback.

On the domestic macroeconomic level, the center The fiscal deficit narrowed to 6.4 percent of GDP in 2022-23 from 6.71 percent in FY22.

The Comptroller General of Accounts (CGA) revealed on the revenue and expenditure data of the Union Government for the period 2022-23, that the fiscal deficit in absolute terms was ₹17,33,131 crore (provisional), marginally lower than the amount projected in the revised estimates (re-)budget.

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Moreover, according to official figures released on Wednesday, the India’s economy grew by 6.1 percent in the March quarter. from 2022-23, pushing the annual growth rate to 7.2 percent due to the better performance of the agriculture, manufacturing, mining and construction sectors.

“Certain economic data indicates resilience of domestic activity and therefore will have a positive impact on the rupee. Although there are some caveats to this from the global front, such as the return of the Federal Reserve to raise interest rates, geopolitical concerns, and banking crisis,” CR Forex Advisors MD -Amit Babari said.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.09 percent to 104.23.

Brent crude futures, the global oil benchmark, fell 1.20 percent to 72.66 Indian rupees per barrel.

In the domestic stock market, 30 shares Advanced BSE Sensex 50.55 points, or 0.08 percent, to 62,672.79. the widest NSE Nifty rose 22.80 points, or 0.12 percent, to 18,557.20.

Foreign institutional investors (FIIs) were net buyers in the capital market, on Wednesday, buying shares worth ₹3,405.90 crore, according to exchange data.