Rupee rises 5 paise to 79.82 against US dollar in early trade

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Image Source : PTI On Friday, the rupee closed at 79.87 against the dollar.

Highlights

  • The rupee is trading in a narrow range as the strengthening of the American currency.
  • Global oil benchmark Brent crude futures jumped 1.96 per cent to USD 94.84 per barrel.
  • Foreign institutional investors were net sellers in the capital market on Friday.

The rupee appreciated 5 paise to 79.82 against the US dollar in early trade on Monday in line with a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as the strengthening of the American currency in the overseas market and rising crude oil prices are weighing on investor sentiment. At the interbank foreign exchange, the rupee opened at 79.84 against the dollar and touched 79.82 in initial deals, registering a gain of 5 paise over the last close.

On Friday, the rupee closed at 79.87 against the dollar. The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.39 per cent to 109.95. Global oil benchmark Brent crude futures jumped 1.96 per cent to USD 94.84 per barrel.

On the domestic equity front, the 30-share Sensex was trading 129.41 points or 0.22 per cent higher at 58,932.74 points, while the broader NSE Nifty advanced 44.35 points or 0.25 per cent to 17,583.80 points. Foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 8.79 crore, as per exchange data.

Also read: India set to become 3rd largest economy by 2030, say experts

Also read: US Fed rate hike: Rupee to remain under pressure, may test new levels

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