Rupee rises 8 paise to 81.66 against US dollar in early trade

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The rupee rose 8 pounds to 81.66 against the US dollar in early trading on Thursday amid the weakness of the US currency in foreign markets.

Forex traders said that there is a positive trend in domestic stocks, foreign money inflows, and Crude oil prices Less than $80 a barrel also supported the local unit.

In the interbank foreign exchange market, the local unit opened at 81.69 against the dollar and then rose to 81.66, registering an increase of 5 pounds from its previous close.

On Wednesday, the rupee closed at 81.74 against the greenback.

Also read: Weekly Rupee View: The range expected to remain valid

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.07 percent to 101.40.

Brent crude futures, the global oil benchmark, advanced 0.48 percent to $78.06 a barrel.

“The rupee is expected to trade in the narrow range from 81.70 to 82.30 levels as mixed economic data and fragile geopolitical environment are likely to increase volatility, and a risk management policy would be appropriate this time around,” CR Forex Advisors MD Amit Babari said.

In the domestic stock market, 30 shares Advanced BSE Sensex 38.68 points, or 0.06 percent, to 60,339.26 points. the widest NSE acquired Nifty 5.45 points, or 0.03 percent, to 17,819.05 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they unloaded shares worth Rs 1,257.48 crore, according to exchange data.