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Rupee rises 18 paise to 81.93 against U.S. dollar in early trade

The rupee gained 18 paise to 81.93 against the U.S. dollar in early trade on April 13, 2023, tracking the broad weakness of the American currency in the overseas market.

The rupee gained 18 paise to 81.93 against the U.S. dollar in early trade on April 13, 2023, tracking the broad weakness of the American currency in the overseas market.
| Photo Credit: AP

The rupee gained 18 paise to 81.93 against the U.S. dollar in early trade on April 13, 2023, tracking the broad weakness of the American currency in the overseas market.

Forex traders said foreign fund inflows also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar, then climbed to 81.93, registering a rise of 18 paise over its previous close.

On April 12, the rupee closed at 82.11 against the U.S. currency.

“Overall USDINR has strong support around 81.75-80 levels, as the RBI is intervening to protect from steep appreciation. Adding to it, the ongoing geopolitical concerns and Fed’s hiking process are likely to weigh on investor sentiment and the USDINR could bounce back to 82.50-82.80 levels,” CR Forex Advisors MD-Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06% to 101.55.

Brent crude futures, the global oil benchmark, declined 0.22% to $87.14 per barrel.

“Brent has risen to $87.25 per barrel as weak U.S. CPI could mean that the Fed could sound less hawkish,” IFA Global Research Academy said in a research note.

In the domestic equity market, the 30-share BSE Sensex declined 43.95 points or 0.07% to 60,348.82. The broader NSE Nifty declined 1.05 points or 0.01%to 17,811.35.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth ₹1,907.95 crore, according to exchange data.

On the domestic macroeconomic front, retail inflation in March fell to a 15-month low of 5.66% and came back to the Reserve Bank’s comfort level of 6%.

India’s industrial production growth rose marginally to 5.6% in February from 5.5% in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on April 12.

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