Rupee rises 6 paise to 82.55 against US dollar

The rupee gained 6 pounds to reach 82.55 against the US dollar in early trading on Monday, supported by continued foreign money inflows and bullish momentum in local stocks.

In the interbank foreign exchange market, the local unit opened at 82.65 against the dollar and then rose to 82.55, recording gains of 6 pounds from its previous close.

On Friday, and Rupee closed at 82.61 against the American currency.

Meanwhile, the dollar index rose 0.18 percent to 102.45.

Brent crude futures, the global oil benchmark, were trading up 0.65 percent at $77.96 a barrel.

Also read: Global 360: Market fears of higher US Federal Reserve interest rates weigh on the dollar and the rupee

Forex traders said the rupee is trading positive on the back of continuous foreign money inflows and positive macroeconomic indicators.

The Reserve Bank of India said on Friday that India’s foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ending June 30.

In the local stock marketBSE Sensex advanced 149.62 points, or 0.23 percent, to 65,430.07. NSE Nifty rose 59.50 points, or 0.31 percent, to 19,391.30 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday buying shares worth Rs 790.40 crore, according to exchange data.