Finance
The rupee gained 22 paise to 82.36 against the US dollar in early trade on Wednesday amid a positive trend in domestic equities.
According to forex traders, sustained foreign fund outflows weighed on the local currency and limited the appreciation bias.
The domestic unit opened at 82.48 against the dollar on the interbank foreign exchange, then gained ground and rose to 82.36, a 22-paise increase from its previous close.
The rupee closed at 82.58 against the US dollar on Tuesday.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.2% to 104.84.
Brent crude futures rose 1.75 percent to USD 83.89 per barrel, the global oil benchmark.
The 30-share BSE Sensex rose 202.36 points, or 0.34 percent, to 59,164.48 points in the domestic equity market. The NSE Nifty rose 60.80 points, or 0.35 percent, to 17,364.75 points.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, offloading shares worth Rs 4,559.21 crore.
Domestically, India’s economic growth slowed to 4.4% in October-December this fiscal year, owing primarily to a contraction in the manufacturing sector.
According to data released by the National Statistical Office (NSO) on Tuesday, GDP (Gross Domestic Product) growth was 11.2 percent in October-December 2021 and 6.3 percent in July-September 2022.
Source:BS
