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Rupee gains 16 paise to 79.65/$

Early trading saw the rupee rise 16 paise to 79.65 against the US dollar in line with an uptick in local markets

September 20, 2022 2:57 IST | India Infoline News Service
Early on Tuesday, the rupee strengthened 16 paise to 79.65 versus the US dollar, following the upward trend in local stocks. The local unit struck 79.65 versus the dollar at the interbank foreign exchange, up 16 paise from its previous finish. It had initially started at 79.70.
The rupee ended Monday's trading session 3 paise down versus the dollar at 79.81. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.15 % to 109.57. The benchmark for world oil, Brent crude futures, increased 0.11 percent to USD 92.10 a barrel.
"As the US Fed's two-day meeting gets underway on Tuesday, the markets were anticipating their conclusion. A few participants anticipated that the US FED will not sound overly hawkish in case it hurts prospects for US growth "according to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.
The Monetary Policy Committee (MPC) of the Reserve Bank of India will meet from September 28 to 30, and the last day will see the announcement of the results. The rupee is anticipated to trade with balanced risks between 79.50 and 79.90, according to Bhansali. 

The 30-share BSE Sensex was up 627.68 points, or 1.06 %, at 59,768.91 on the domestic equities market. Similar to this, the larger NSE Nifty increased by 190.80 points, or 1.08 %, to 17,813. According to exchange statistics, Foreign Institutional Investors (FIIs) changed from sellers to buyers in the capital markets on Monday, buying shares worth Rs312.31 crore.

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