Image for representation purpose only. , Photo Credit: Venkatachalapathi C
The rupee appreciated 24 paise to 82.10 in early trade on March 31 following foreign fund inflows and fall in crude oil prices.
Gains in the local equity market and weakness in the US dollar in early Asian trade also supported the rupee.
The rupee opened at 82.12 at the interbank foreign exchange market and remained in the green in early trade. It moved in the range of 82.16 to 82.10 in early deals.
On March 29, the rupee had declined by 18 paise to close at Rs 82.34 per dollar. The forex market was closed on March 30 on account of Ram Navami.
FIIs have turned net buyers in the Indian markets after banking transition fears eased. The fact that there have been no further bank failures or major stress in the system has boosted FII inflows, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 102.20, up 0.05% from early lows. It was trading lower at 102.09 in early Asian trade.
Global oil benchmark Brent crude futures declined 0.24% to $79.08 per barrel.
On the domestic equity market front, the 30-share BSE Sensex advanced 680.56 points, or 1.17%, to 58,640.65, while the broader NSE Nifty gained 191.75 points, or 1.12%, to 17,272.45.
Foreign institutional investors (FIIs) turned net buyers in the capital market on March 29 as they bought shares worth ₹1,245.39 crore, according to exchange data.