HomeBusinessRupee rises 35 paise to 81.58 against US dollar

Rupee rises 35 paise to 81.58 against US dollar

In interbank foreign exchange, the domestic unit opened at 81.60 against the dollar

In interbank foreign exchange, the domestic unit opened at 81.60 against the dollar

The rupee rose 35 paise to 81.58 against the US dollar in early trade on September 29 as the US currency retreated from its higher levels.

At the interbank forex, the domestic unit opened higher at 81.60 against the dollar, then touched 81.58, registering a gain of 35 paise over its previous close.

The rupee also touched the level of 81.75 against the US currency in early trade.

The rupee fell below the 82 mark for the first time in intraday trade before closing down 40 paise at 81.93 against the dollar on Wednesday.

According to Sriram Iyer, Senior Research Analyst, Reliance Securities, the rupee opened with strength on Thursday in view of the overnight weakness of the dollar and the Treasury yield.

However, concerns over fiscal easing and monetary tightening will support the dollar and maintain cap gains for the local currency.

Most Asian and emerging market peers started weak on Thursday morning and will limit gains in the rupee.

“Investors are now awaiting the decision of RBI’s Monetary Policy Committee on Friday as expectations of a hike of 50 basis points increase due to pressure on rupee from steep hike in US interest rates,” Iyer said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.61% to 113.28.

Global oil benchmark Brent crude futures fell 0.46% to $88.91 a barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 361.13 points or 0.64% higher at 56,959.41 and the broader NSE Nifty was trading 133.75 points or 0.79% higher at 16,992.35.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 2,772.49 crore on Wednesday, according to exchange data.

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