Rupee rises by 24 paise to 82.08 against US dollar

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The rupee rose 24 baisa to 82.08 against the greenback in early trading on Wednesday due to dollar weakness in overseas markets and foreign exchange inflows.

In the interbank foreign exchange market, the rupee opened higher at 82.08 against the US dollar and moved in a narrow range from 82.04 to 82.10 later in the early trades.

The local unit was trading at 82.08 per dollar at 9.35 am. It had closed at 82.32 on Monday. Forex markets were closed on Tuesday due to Mahavir Jayanti.

Meanwhile, the dollar index fell 0.03 percent to 101.56 after a weak set of economic data boosted expectations. The end of the US Federal Reserve rate hike cycle.

Oil prices also moved in a narrow range in early Asian trade on Wednesday as weak US economic data weighed on the demand scenario despite surprising production announced by OPEC and its allies.

Back home, investors will likely remain cautious ahead of this Reserve Bank of India monetary policy decision. on monday, The Monetary Policy Committee of the Reserve Bank of India has started its three-day meeting Amid expectations that the central bank may raise the benchmark interest rate by 25 basis points, perhaps the last in the current monetary tightening cycle that began in May 2022.

BSE Sensex rose 240 points, or 0.41 percent, to 59,346.52, while NSE Nifty advanced 61.20 points, or 0.35 percent, to 17,459.25.

Foreign institutional investors (FIIs) were net buyers in the capital market on Monday buying shares worth ₹321.93 crore, according to exchange data.