Finance
In early trade on Monday, the rupee rose 25 paise to 81.81 against the US dollar, tracking positive sentiment in the domestic equity market and a weaker dollar against major currencies.
At the interbank foreign exchange, the domestic unit began at 81.78 per dollar and fell to 82.06. Later, it gained ground to reach 81.81, a 25-paise increase over its previous close.
The rupee closed at 82.06 against the US dollar on Friday.
The dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.77 percent to 103.78.
Brent crude futures rose 0.30 percent to USD 83.03 per barrel, the global oil benchmark.
The 30-share BSE Sensex was trading 262.24 points, or 0.44 percent, higher at 59,397.37 points in the domestic equity market. The NSE Nifty gained 79.50 points, or 0.46 percent, to 17,492.40 points.
Investors are keeping a close eye on developments in the aftermath of the Silicon Valley Bank’s failure in the United States.
On Sunday, the US Federal Reserve announced a new emergency loan program to strengthen the banking system’s capacity. In light of the Silicon Valley bank crisis, some analysts believe the Fed may even slow interest rate hikes to tame inflation.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, offloading shares worth Rs 2,061.47 crore, according to exchange data.
Source:BS
