Rupee rises 6 paise to 82.11 against US dollar in early trade

The rupee gained 6 pounds to 82.11 against the US dollar in early trading on Monday, supported by steady inflows of foreign funds.

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

In the interbank foreign exchange market, the local unit opened at 82.14, then touched the highest level at 82.11 against the US currency, registering an increase of 6 pounds from its last close.

On Friday, and The rupee settled at 82.17 against the dollar.

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

The dollar index rose 0.05 percent to 99.96.

Brent crude futures, the global oil benchmark, rose 0.85 percent to $79.19 a barrel.

In the local stock marketBSE Sensex was trading up 33.35 points, or 0.05 percent, at 66,094.25 points. NSE Nifty advanced 22.55 points, or 0.12 percent, to 19,587.05.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday buying shares worth Rs 2,636.43 crore, according to exchange data.

Meanwhile, India foreign exchange reserves The Reserve Bank of India said on Friday that it increased from $1.229 billion to $596.28 billion in the week ending July 7.

In the previous week, total foreign exchange reserves increased by $1.85 billion to $595.05 billion.