- Advertisement -

Rupee rises by 14 paise to 79.77 against US dollar in early trade

- Advertisement -
- Advertisement -

- Advertisement -

The rupee appreciated 14 paise to 79.77 against the US dollar in early trade on Thursday tracking the overnight weakness of the American currency.

However, higher oil prices, month-end importer demand and global recession fears could restrict the gains for the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 79.80 against the American dollar, and touched 79.77 in initial deals, registering a gain of 14 paise over the last close.

On Wednesday, the rupee declined 13 paise to close at 79.91 against the US dollar.

“Rupee opened slightly stronger than Wednesday’s close. The US FED increased rates by 75 basis points and said that the aim is to bring inflation down to 2 per cent but was also a bit dovish in its approach,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

Bhansali further noted that the Dow Jones and Asian indices were all up while Asian currencies also rose. “Though the dollar index fell below 107 levels, the dollar still remains strong until it breaches the 105 level,” he said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22 per cent to 106.21.

Global oil benchmark Brent crude futures rose 0.83 per cent to USD 107.50 per barrel.

On the domestic equity front, the 30-share Sensex was trading 464.87 points or 0.83 per cent higher at 56,281.19, while the broader NSE Nifty advanced 118.45 points or 0.71 per cent to 16,760.25.

Foreign institutional investors remained net sellers in the capital market on Wednesday, offloading shares worth Rs 436.81 crore, as per exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

mail Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Leave a Comment

- Advertisement -
%d bloggers like this: