Rupee rises by 24 paise to 82.10 against US dollar on FII flows

the rupee It rose by 24 pounds to 82.10 in early trading on Friday, after foreign money inflows and a decline in Crude oil the prices.

Gains in the local stock market and the weakness of the US dollar in early Asian trade also boosted the rupee’s sentiment.

In the interbank foreign exchange market, the rupee opened higher at 82.12 and remained in the green in early trade. It moved in a range of 82.16 to 82.10 in early positions.

The rupee closed down 18 pounds at 82.34 to the dollar on Wednesday. The forex market is closed on thursday due to ram navami.

Fisheries companies have turned net buyers into the Indian market after banking contagion fears subside. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said the fact that there were no more bank failures or major stresses in the system had boosted FII’s inflows.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rebounded from early lows to trade up 0.05 percent at 102.20. It was trading as low as 102.09 in early Asian trade.

Brent crude futures, the global benchmark for oil, fell 0.24% to $79.08 a barrel.

On the domestic stock market front, the BSE Sensex rose 680.56 points, or 1.17 percent to 58,640.65, while the broader NSE Nifty advanced 191.75 points, or 1.12 percent, to 17,272.45 points.

Foreign Institutional Investors (FIIs) Net buyers turned up in the capital market on Wednesday as they bought shares worth Rs 1,245.39 crore, according to exchange data.