Rupee vs Dollar: Indian Currency Rises 16 Paise to 79.65 in the Stock Market
Indian currency rises 16 paise to 79.65 in line with a positive trend in the stock market
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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. Hence, on Tuesday, the rupee comprehended 16 paise to 79.65 against the US dollar in early trade. It was however in line with a positive trend in domestic equities.
Meanwhile, on Monday, the rupee stabilized to 3 paise lower at 79.81 against the dollar. The dollar index, which assesses the greenback’s strength against a basket of six currencies, fell 0.15 percent to 109.57. Further, Brent crude futures rose 0.11 percent to USD 92.10 per barrel.
On the last day, The Reserve Bank of India will have its Monetary Policy Committee (MPC) meeting between September 28-30, and the result will be declared openly then. According to Bhansali, the rupee is predicted to trade in the range of 79.50-79.90 with risks balanced.
Again, in the domestic equity market, the 30-share BSE Sensex was trading 627.68 points or 1.06 percent up at 59,768.91. Similarly, the broader NSE Nifty rose 190.80 points or 1.08 percent to 17,813.05. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets, as they acquired shares worth Rs 312.31 crore on Monday, according to exchange data.
Bloomberg quoted the rupee last changing hands at 79.7563, compared to Monday’s close of 79.7725, even as the dollar index, which compares the performance of the greenback against six other major currencies, rose 0.128 percent to 109.680.
PTI reported that the rupee gained 6 paise to close provisionally at 79.75 against the US dollar. Meanwhile, in the earlier session, the rupee reduced its introductory gains and settled lower against the US dollar, weighed down by the strength of the greenback in the overseas market. A fall in crude oil prices and foreign fund inflows into equity markets, however, restricted the rupee’s losses. At the interbank forex market, the local unit opened at 79.70 against the greenback, and ended at 79.81, down 3 paise from its previous close.
