The domestic unit opened at 82.74 against the dollar, then gained ground to touch 82.73, registering a rise of 7 paise over its previous close
The domestic unit opened at 82.74 against the dollar, then gained ground to touch 82.73, registering a rise of 7 paise over its previous close
The rupee appreciated by 8 paise to 82.73 against the US dollar in early trade on Tuesday on softening crude oil prices and a positive trend in domestic equity markets.
At the interbank forex, the domestic unit opened at 82.74 against the dollar, then found ground to touch 82.73, registering a rise of 7 paise over the previous close.
On Monday, the rupee had closed 34 paise lower at 82.81 against the US dollar.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities, Asian and emerging market peers got off to a mixed start on Tuesday as a cautious trend among global investors ahead of the Fed meeting.
Mr Iyer said any sharp depreciation in the rupee could prompt the Reserve Bank of India (RBI) to step in.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.19% to 111.31.
Global oil benchmark Brent crude futures fell 0.98% to $94.83 a barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 309.52 points or 0.51% higher at 61,056.11. Similarly, the broader NSE Nifty rose 102.40 points or 0.57% to 18,114.60.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth Rs 4,178.61 crore, according to exchange data.