India News | Rupee Rises 16 Paise to 79.65 Against US Dollar in Early Trade
Get latest articles and stories on India at LatestLY. The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities.
Mumbai, Sep 20 (PTI) The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close.
On Monday, the rupee settled 3 paise lower at 79.81 against the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 109.57.
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Brent crude futures, the global oil benchmark, rose 0.11 per cent to USD 92.10 per barrel.
"Markets were awaiting the US Fed's decision as the two-day meeting starts on Tuesday. A few players expected the US FED to not sound too hawkish lest it hampers the US growth expectations," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
The Reserve Bank of India will have its Monetary Policy Committee (MPC) meeting between September 28-30, and the outcome will be announced on the last day.
According to Bhansali, the rupee is expected to trade in the range of 79.50-79.90 with risks balanced.
In the domestic equity market, the 30-share BSE Sensex was trading 627.68 points or 1.06 per cent up at 59,768.91. Similarly, the broader NSE Nifty rose 190.80 points or 1.08 per cent to 17,813.05.
Foreign Institutional Investors (FIIs) turned net buyers in the capital markets, as they purchased shares worth Rs 312.31 crore on Monday, according to exchange 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)