HomeBusinessRupee gains 26 paise to 81.67 against US dollar in early trade

Rupee gains 26 paise to 81.67 against US dollar in early trade

Photo has been used for representation only.  file

Photo has been used for representation only. file | Photo Credit: Reuters

The rupee appreciated 26 paise to 81.67 against the US dollar in early trade on Thursday as the American currency retreated from its higher levels.

At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then recovered to 81.67, registering a rise of 26 paise from its previous close.

Rupee strengthened in offshore trade on broad based dollar weakness. IFA Global Research Academy said in a research note that it is likely to trade in the range of 81.55-81.85 with sideways price action.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.41% to 105.63, following weak US data and dovish Fed minutes.

The IFA Global Research Academy said, “The minutes of the Fed’s latest meeting indicated that most Fed members were in favor of slowing the pace of rate hikes, but ‘various’ Fed members saw rates on the higher side.”

Global oil benchmark Brent crude futures fell 0.21% to $85.23 a barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 180.14 points or 0.29% higher at 61,690.72. Similarly, the broader NSE Nifty rose 66.50 points, or 0.36%, to 18,333.75.

Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth ₹789.86 crore, according to exchange data.

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