Rupee rises 4 paise to 81.75 against US dollar

The rupee gained 4 pounds to 81.75 against the US dollar in early trading on Friday, tracking the weakness of the greenback and foreign money inflows.

Forex traders said that the rupee is trading in a narrow range as the support from Crude oil prices Less than $80 a barrel was negated by muted domestic stocks.

In the foreign exchange market between banks, the local unit opened at 81.77 against the dollar and then rose to 81.75, registering an increase of 4 pounds from its previous close.

On Thursday, the rupee closed at 81.79 against the greenback.

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Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.01 percent to 101.51.

Brent crude futures, the global oil benchmark, advanced 0.27 percent to $78.58 a barrel.

Traders said that investors were waiting for clues from key domestic macroeconomic data.

Anil Kumar Bhansali, Head of Treasury, Finrex Treasury said, “The important data to be released are Eurozone GDP, Bank of Japan monetary policy statement, India’s fiscal deficit, foreign exchange reserves, US Michigan consumer sentiment, US personal income, and the core personal consumption expenditures price index. LLP Consultants.

On the domestic stock market, 30-share BSE Sensex shares fell 62.14 points or 0.10 percent to 60,587.24. broader NSE Nifty shares fell 10.30 points or 0.06 percent to 17,904.75.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday buying shares worth Rs 1,652.95 crore, according to exchange data.