Rupee gains 14 paise to 79.64 / dollar

19 Sept 2022 , 02:41 PM

In line with its Asian counterparts and as the US dollar dropped from its high levels, the rupee strengthened 14 paise to 79.64 in early trade on Monday. The local unit hit 79.64 against the dollar at the interbank foreign exchange, up 14 paise from its previous closing, after starting the day at 79.70 against the dollar.

The rupee fell 7 paise on Friday to end the day at 79.78 versus the dollar. Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, noted that Asian currencies were slightly more robust than on Friday as a result of Asian equities opening flat or higher, the dollar index at 109.80, US Treasury yields at 3.45 %, and Asian equities slightly stronger than on Friday.

"The range for the day is projected to be 79.50 to 80," Bhansali continued. "RBI will be closely watched as they attempt to maintain the 80 levels." The dollar index, which compares the value of the dollar to a basket of six other currencies, increased 0.09 percent to 109.80. Global oil benchmark Brent crude futures increased by 0.62 percent to USD 91.92 per barrel.

The 30-share BSE Sensex was up 54.44 points, or 0.09%, to 58,895.23 on the domestic equities market. The larger NSE Nifty index also increased, rising 23.45 points, or 0.13%, to 17,554.30. According to exchange statistics, Foreign Institutional Investors (FIIs) sold shares worth Rs3,260.05 crore on Friday, making them net sellers in the capital markets.

On the domestic macroeconomic front, the finance ministry said on Sunday that gross direct tax collections increased 30% to Rs 8.36 lakh crore through September 17 of the current fiscal year on greater advance tax mop-up boosted by the economic recovery following the epidemic. For the week ending September 9, the country's foreign exchange reserves fell by USD 2.234 billion to USD 550.871 billion, the RBI reported on Friday.

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