Tuesday, May 21, 2024

Rupee rises by 24 paise to 82.10 against U.S. dollar on FII flows

Image for representation purpose only.

Image for representation purpose only.

The rupee appreciated by 24 paise to 82.10 in early trade on March 31 following foreign fund inflows and a fall in crude oil prices.

Gains in the local stock market and weakness in the U.S. dollar in early Asian trade also boosted the rupee sentiment.

At the interbank foreign exchange market, the rupee opened higher at 82.12 and stayed in the green in early trade. It moved in a range of 82.16 to 82.10 in early deals.

The rupee had closed lower by 18 paise at 82.34 to a dollar on March 29. The forex market was closed on March 30 for Ram Navami.

FIIs have turned net buyers in Indian markets following the ebbing of the banking contagion fears. The fact that there have been no further bank failures or major stress in the system has boosted FII flows, V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rebounded from early lows to trade 0.05% higher at 102.20. It traded lower at 102.09 in early Asian trade.

Global oil benchmark Brent crude futures declined by 0.24% to $79.08 per barrel.

On the domestic equity market front, the 30-share BSE Sensex spurted by 680.56 points or 1.17% to 58,640.65 while the broader NSE Nifty advanced 191.75 points or 1.12% to 17,272.45 points.

Foreign Institutional Investors (FIIs) turned net buyers in the capital market on March 29 as they bought shares worth ₹1,245.39 crore, as per exchange data.

#Rupee #rises #paise #dollar #FII #flows

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