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The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.
At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then gained further ground to touch 82.08, a gain of 22 paise over its previous close.
On Monday, the rupee depreciated by 11 paise to close at 82.30 against the US dollar.
The rupee started stronger this Tuesday, tracking an overnight fall in the dollar index, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
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Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, SBI. Based on the trend, it also gives intraday trade recommendations with specific entry as well as stop-loss levels. The mentioned resistances and supports will be the exit levels. Do note that the recommendations are based on Technical Analysis and there is a risk of loss in trading."RBI's continued presence in the markets and oil prices have stabilised and could aid sentiments," Iyer said, adding that Asian and emerging market peers remained weak this Tuesday morning amid recessionary fears and could cap appreciation bias for the local unit.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 112.15.
Brent crude futures, the global oil benchmark, rose 0.32 per cent to $91.91 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 580.07 points or 0.99 per cent up at 58,991.05. Similarly, the broader NSE Nifty rose 167.85 points or 0.97 per cent to 17,479.65.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth ₹372.03 crore on Monday, according to exchange data.
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