Business

Rupee Rises 14 Paise To 81.67 Against US Dollar In Early Trade

The rupee gained 14 paise to 81.67 against the US dollar in early trade on Tuesday tracking the weakness of the American currency in the overseas market.
However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 81.74, then touched a high of 81.67 against the American currency, registering a rise of 14 paise over its last close.
On Monday, the rupee had settled at 81.81 against the dollar. “The flows have been strong enough and despite buying by RBI at various levels has kept the rupee on the stronger side despite a rise in the dollar index to 101.30,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09 per cent to 101.25.
Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 82.89 per barrel.
Participants in the rupee and dollar markets are eagerly awaiting cues from the US Federal Reserve’s monetary policy meetings this week, traders said.
“The US Fed is expected to raise rates by 25 bps tomorrow but their language/ tone will be important in gauging the direction currencies could take,” Bhansali said.
In the domestic equity market, the 30-share BSE Sensex was trading 1.77 points higher at 66,386.55. The broader NSE Nifty advanced 4.40 points or 0.02 per cent to 19,676.75.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 82.96 crore, according to exchange data.
(Source – PTI)
Bharat Express English

Recent Posts

PM Modi’s Gifts: A Glimpse Of India’s Cultural Heritage In Global Diplomacy

These gifts to world leaders reflect the diverse traditions, arts, and crafts of India, emphasizing…

2 hours ago

Dr Rajeshwar Singh Calls For Bold Goals To Make India A Global Power By 2047

Dr Singh stressed the importance of reaching a GDP of $15 trillion by 2047 to…

2 hours ago

Gautam Adani Faces Indictment In US: Legal Expert Vijay Aggarwal Dismisses Immediate Repercussions

Criminal lawyer Vijay Aggarwal weighed in on the charges against Adani. He believes the indictment…

2 hours ago

Adani Group Stocks Recover As Sensex nd Nifty Post Gains

After a major sell-off earlier in the week, Adani Group stocks, led by Ambuja Cements…

4 hours ago

Sensex Soars 1,961 Points, Nifty Gains 557 In Broad-Based Market Rally

A sharp rally in financial stocks and encouraging US labor market data fueled the uptrend.…

4 hours ago

PM Modi Engages In 31 Bilateral Meetings During Three-Nation Tour

PM Narendra Modi held 31 bilateral meetings and discussions during his visit to Nigeria, Brazil,…

4 hours ago