India News | Rupee Gains 6 Paise to 79.80 Against US Dollar in Early Trade

Mumbai, Aug 25 (PTI) The rupee appreciated 6 paise to 79.80 against the US dollar in opening trade on Thursday, tracking its Asian peers and a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 79.80 against the dollar, registering a gain of 6 paise over its previous close.

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On Wednesday, the rupee depreciated 3 paise to close at 79.86 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.22 per cent to 108.44.

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Brent crude futures, the global oil benchmark, advanced 0.45 per cent to USD 101.68 per barrel.

The Rupee could remain range bound amid caution ahead of the US Federal Reserve's Jackson Hole conference this week, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

"Higher oil prices could keep appreciating bias capped, but most Asian and EM peers have started the day with gains and could lend support," Iyer added.

In the equity market, the 30-share BSE Sensex was trading 307.95 points or 0.52 per cent up at 59,393.38. Similarly, the broader NSE Nifty rose 93.10 points or 0.53 per cent to 17,698.05.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 23.19 crore on Wednesday, according to provisional data.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)