Rupee opens higher at 79.32 against dollar in interbank foreign exchange
Rupee opens higher at 79.32 against dollar in interbank foreign exchange
The rupee rose 44 paise to 79.30 against the US dollar in early trade on Wednesday mainly on account of foreign fund inflows.
Besides, according to forex dealers, a positive opening in domestic equities amid easing inflationary pressures boosted investor sentiment.
At the interbank foreign exchange, the rupee opened sharply higher at 79.32 against the dollar, then rebounded to 79.30, registering a rise of 44 paise over the previous close.
On Friday, the rupee had lost 12 paise to close at 79.74 against the US dollar in the previous session.
Forex markets remained closed on Monday and Tuesday for Independence Day and Parsi New Year respectively.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06% to 106.44.
Meanwhile, global oil benchmark Brent crude futures rose 0.34% to $92.65 per barrel.
Foreign institutional investors remained net buyers in the capital markets on Tuesday as they bought shares worth Rs 1,376.84 crore, according to exchange data.
After becoming net buyers last month, foreign investors have continued to invest in Indian equities and have pumped in Rs 22,452 crore in the first two weeks of August.
On the domestic equity market front, the 30-share Sensex was trading 131.78 points or 0.22% higher at 59,973.99, while the broader NSE Nifty was up 49.15 points or 0.28% at 17,874.40.
Wholesale price-based inflation eased to a five-month low of 13.93% in July on softening prices of food articles and manufactured products.