Finance
The rupee gained 8 paise against the US dollar in early trade on Thursday, tracking higher domestic shares. According to forex traders, the rupee is trading range-bound against the dollar, with support from bullish local stocks offset by rising crude oil prices and a solid US dollar.
The rupee opened at 82.98 versus the dollar on the interbank foreign exchange and reached 82.93, up 8 paise from its previous finish. The rupee finished at 83.01 versus the US dollar on Wednesday. Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, dropped 0.13 percent to 104.62.
Brent crude futures, the global oil benchmark, advanced 0.37 per cent to USD 92.22 per barrel. According to Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali, the rupee was sold off on Wednesday as oil companies continued their relentless buying of US dollar. RBI seems to be present at 83 and above levels selling US dollar, he said.
The rupee is expected to be range-bound on Thursday as the market anticipates US retail sales. The 30-share BSE Sensex rose 189.01 points, or 0.28 percent, to 67,656 in the domestic equity market. The NSE Nifty rose 61.45 points, or 0.31 percent, to 20,131.45. According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, offloading shares worth Rs 1,631.63 crore.
Source:FE
