Rupee rises 4 paise to 82.92 against US dollar in early trade

Feb22,2024



Mumbai: The Rupee remained stable for the fourth consecutive session and rose by 4 paise to reach 82.92 U.S. Dollar In initial trade on Thursday, tracking a weaker US currency against major foreign rivals. Forex trader said, although the Indian currency was under pressure due to softening equity market sentiment and high crude oil prices.
At the interbank foreign exchange, the domestic currency opened at 82.94 and rose to 82.92 against the greenback in early deals, registering a gain of 4 paise from its previous close.
The rupee on Wednesday closed 1 paise higher at 82.96 against the US dollar after seeing a cumulative gain of 8 paise in the last two sessions.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 percent lower at 103.87.
Analysts attributed the fall in the dollar index to the US Federal Reserve's minutes, which reflected a cautious stance by policymakers, making it less likely to cut interest rates in the immediate future.
Global oil benchmark Brent crude futures rose 0.13 percent to US$83.14 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 32.44 points or 0.04 per cent lower at 72,590.65. The broader NSE Nifty slipped 3.60 points, or 0.02 per cent, to 22,051.45.
Foreign institutional investors (FIIs) were net buyers in the capital market on Wednesday as they bought shares worth Rs 284.66 crore, according to exchange data.



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