Rupee rises 6 paise to 82.54 against US dollar

The rupee gained 6 paisa to reach 82.54 against U.S. dollar In early trading on Monday, to track the positive trends in the domestic and global markets in addition to foreign money flows.

The dollar index is trading almost flat at the 104 level as forex traders await an agreement on the US debt ceiling between US President Joe Biden and Republican House Speaker Kevin McCarthy.

In the interbank foreign exchange market, the local unit opened stronger at 82.57 against the dollar and recorded the highest level at 82.51. Later, it dropped to 82.54, recording a gain of 6 piasters from its previous close.

On Friday, and The rupee closed at 82.60 against the American currency.

Anand James, chief market strategist at Geojit Financial Services, said in his forecast for the rupee that the Indian currency is likely to reach the 82.25 level against the US currency.

“The inability to float above 82.70 has increased the risk of a revisit to 82.45. A breach of the same could expose 82.2. Until that is established, we may retreat to the sideways trend. However, a breach of the same could seriously threaten the odds of a possible occurrence,” he said. James: “The breakout of the uptrend after 83.25, which has been brewing for two weeks.”

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Meanwhile, the dollar index fell 0.02 percent to 104.18.

Brent crude futures, the global oil benchmark, rose 0.69 percent to $77.48 a barrel.

In the local stock market, BSE Sensex advanced by 482.62 points, or 0.77 percent, to reach 62,984.31 points. NSE Nifty shares rose 134.05 points, or 0.72 percent, to 18,633.40 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Friday buying shares worth Rs 350.15 crore, according to exchange data.