Rupee rises 12 paise to 78.94 against US dollar in early trade

CUE API | | Updated on: Aug 02, 2022

Close up view of calculator over brand new indian 10, 50, 100, 200, 500 and 2000 rupees banknotes. Colorful money background. | Photo Credit: Denis Vostrikov

The rupee strengthened mainly due to foreign fund inflows

The rupee appreciated 12 paise to 78.94 against the US dollar in opening trade on Tuesday, supported by foreign fund inflows and a weak greenback against key rivals overseas.

Besides, softening crude oil prices strengthened domestic forex market sentiment, dealers said.

At the interbank foreign exchange, the rupee opened sharply up at 78.96 against the US dollar and gained further ground to quote at 78.94 in initial deals, registering a rise of 12 paise over the last close.

In the previous session, the rupee had closed at 79.06 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 105.21.

Global oil benchmark Brent crude futures fell 1.05 per cent to $98.98 per barrel.

Foreign institutional investors were net buyers in the capital market on Monday, purchasing shares worth ₹2,320.61 crore, as per exchange data.

Published on August 02, 2022
COMMENTS
  1. Comments will be moderated by The Hindu BusinessLine editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you