Rupee advances 8 paise to 83.29 versus US dollar in early trading

In early trade on Friday, the rupee surged 8 paise to 83.29 against the US dollar, owing to strong equities purchasing by foreign institutional investors and a drop in crude oil prices.

The BSE Sensex was trading 284.82 points, or 0.43 percent, higher at 67,273.26, while the broader NSE Nifty was up 87.90 points, or 0.44 percent, at 20,221.05.

The rupee opened firmer at 83.29 against the dollar on the interbank foreign exchange, reaching a high of 83.25. It later traded at 83.29 against the US dollar, up 8 paise from its previous close.

On Thursday, the rupee declined 5 paise to 83.37 against the dollar.

Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, was trading 0.9 percent lower at 103.41.

Brent crude futures lost 0.47 percent to USD 80.48 a barrel.

According to exchange data, foreign institutional investors were net purchasers in the capital market on Thursday, purchasing shares worth Rs 8,147.85 crore.

As per government data released on Thursday, India’s GDP growth of 7.6 percent during July-September surpassed most estimates, including the Reserve Bank of India’s (RBI) projection of 6.5 percent, retaining the country’s title as the world’s fastest-growing major economy.

In addition, data provided showed that output in eight important infrastructure sectors increased by 12.1 percent in October 2023, compared to a 0.7 percent increase the previous year.

Based on figures issued by the Controller General of Accounts (CGA), the government’s fiscal deficit reached 45 percent of the full-year budget forecast at the end of October.

Also read: Joe Biden claims to have often strongly disagreed with Henry Kissinger