scorecardresearchRupee rises 33 paise to 81.77 against US dollar in early trade amid bullish

Rupee rises 33 paise to 81.77 against US dollar in early trade amid bullish momentum in market

Updated: 03 Jul 2023, 11:00 AM IST
TL;DR.

  • At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close.

Forex traders said the rupee is trading on a positive note on significant foreign fund inflows and positive macro economic indicators.

Forex traders said the rupee is trading on a positive note on significant foreign fund inflows and positive macro economic indicators.

(PTI) The rupee gained 33 paise to 81.77 against the US dollar in early trade on Monday supported by sustained foreign fund inflows and bullish momentum in domestic equities as benchmark indices touched all-time highs.

At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close.

On Friday, the rupee closed at 82.10 against the US currency.

Forex traders said the rupee is trading on a positive note on significant foreign fund inflows and positive macro economic indicators.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the rupee is likely to trade in the range of 81.90 to 82.20 during the day.

"... Rupee looks to remain in the above range as Macro data from India comes out much better than most other countries. The GST figures, the core sector growth were all better than expected," Bhansali said.

Foreign Portfolio Investors (FPIs) have pumped 47,148 crore into Indian equities in June, making it the highest inflow in 10 months.

According to official figures, GST collections crossed the 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime, rising 12 per cent to over 1.61 lakh crore in June.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 102.96.

Brent crude futures, the global oil benchmark, was trading 0.07 per cent higher at USD 75.46 per barrel.

In the domestic equity market, the 30-share BSE Sensex advanced 385.17 points or 0.60 per cent to touch an all-time high level of 65,103.73. The broader NSE Nifty also rose 112.35 points or 0.59 per cent to a lifetime high of 19,301.40.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth 6,397.13 crore, according to exchange data.

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We explain here why does the rupee fluctuate against the dollar.
First Published: 03 Jul 2023, 11:00 AM IST