Rupee rises 7 paise to 82.40 against US dollar in early trade

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the rupee It rose 7 pounds to 82.40 against the US dollar in early trading on Monday amid falling crude oil prices and a positive trend in local stocks.

In the interbank foreign exchange market, the rupee opened at 82.45 against the dollar, then rose to 82.40, recording gains of 7 pounds from its previous close.

On Friday, the rupee closed at 82.47 against the greenback.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.07 percent to 103.62.

Brent crude futures, the global oil benchmark, fell 1.12 percent to $73.95 a barrel.

Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors LLP, said.

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Bhansali added that the rupee will continue to trade in a small range as the Reserve Bank protects one end and oil companies continue to buy US dollars at the other end.

In the local stock market, the 30-share BSE Sensex Index rose 77.32 points, or 0.12 percent, to 62,702.95. The broader NSE Nifty index rose 27.85 points, or 0.15 percent, to 18,591.25 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday unloading shares worth Rs 308.97 crore, according to exchange data.