India News | Rupee Rises 8 Paise to 82.93 Against US Dollar
Get latest articles and stories on India at LatestLY. The rupee appreciated 8 paise to 82.93 against the US dollar in early trade on Thursday tracking positive domestic equities.
Mumbai, Sep 14 (PTI) The rupee appreciated 8 paise to 82.93 against the US dollar in early trade on Thursday tracking positive domestic equities.
Forex traders said the rupee is witnessing a range-bound trading against the dollar as the support from positive domestic equities was negated by elevated crude oil prices and a firm US dollar.
At the interbank foreign exchange, the rupee opened at 82.98 against the dollar, and touched 82.93, registering a rise of 8 paise over its previous close.
On Wednesday, the rupee closed at 83.01 against the US currency.
Also Read | Uttar Pradesh Shocker: Teacher in Amethi Government School Slaps Class 9 Student, Ruptures Eardrum.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.13 per cent to 104.62.
Brent crude futures, the global oil benchmark, advanced 0.37 per cent to USD 92.22 per barrel.
According to Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali, the rupee was sold off on Wednesday as oil companies continued their relentless buying of US dollar.
RBI seems to be present at 83 and above levels selling US dollar, he said.
On Thursday, as the market awaits US retail sales, the rupee should continue to see a range-bound trade.
In the domestic equity market, the 30-share BSE Sensex advanced 189.01 points or 0.28 per cent to 67,656. The broader NSE Nifty was up 61.45 points or 0.31 per cent to 20,131.45.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,631.63 crore, 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)