Rupee rises 8 paise to 82.52 against US dollar

The rupee gained 8 pounds to reach 82.52 against the US dollar in early trading on Wednesday amid a positive trend in local stocks.

The local currency is trading in a narrow range as market participants remain vigilant ahead of the RBI’s monetary policy outcome on Thursday. The RBI is widely expected to leave the repurchase rate unchanged at 6.5 per cent.

In the interbank foreign exchange market, the rupee opened at 82.56 against the dollar, then rose to 82.52, recording gains of 8 pounds from its previous close.

Tuesday, The rupee closed at 82.60 against the American currency.

Meanwhile, the dollar index fell 0.02 to 104.10.

Brent Crude FuturesThe global oil index fell 0.45 percent to $75.95 a barrel.

Investors are waiting As a result of the monetary policy of the Reserve Bank of India As the central bank is likely to enter a standstill period, said Anil Kumar Bhansali, head of treasury at Fenrix, Treasury Advisers LLP.

“The Fed will announce its rate decision on June 14, the European Central Bank on June 15, and the Bank of England on June 22. The Fed appears to be on a pause while others may raise rates by 25 basis points,” he said. Bhansali.

Bhansali added that the rupee will remain range-bound until the policy outcome as demand for dollars increases supply.

In the local stock market, the BSE Sensex index rose by 112.34 points, or 0.18, to 62,905.22 points. NSE Nifty shares rose 47.80 points, or 0.26 percent, to 18,646.80 points.

Foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday buying shares worth ₹385.71 crore, according to exchange data.