Rupee increases by 7 paisas to 79.92 per dollar in early trade

15 Jul 2022 , 03:23 PM

Early on Friday, the rupee rose versus the US dollar by 7 paise to 79.92 as a strong trend in local stocks and new foreign capital inflows boosted investor confidence.

The advances of the local currency were nonetheless restrained, according to forex dealers, by a strong dollar in international markets. At the interbank foreign exchange, the rupee began trading at 79.95 to the dollar before strengthening further to trade at 79.92 in early trades, gaining 7 paise from the previous close.

The rupee hit an all-time low of 79.99 to the dollar in the previous session. In the morning session, the exchange rate for the local currency fluctuated between 79.95 and 79.88. The 30-share Sensex was up 282.93 points, or 0.53 %, at 53,699.08 on the domestic equities front, while the larger NSE Nifty was up 82.95 points, or 0.52 %, at 16,021.60.

The dollar index, which measures the value of the dollar against a basket of six different currencies, increased 0.03 percent to 108.57. Benchmark Brent crude futures for the world's oil increased 1.19 percent to USD 100.28 a barrel. According to exchange statistics, foreign institutional investors became net purchasers on Thursday, purchasing shares worth Rs 309 crore.

On account of a strong drop in mineral prices, wholesale price-based inflation fell to a three-month low of 15.18% in June, while food items remained expensive. For the fifteenth month running, the wholesale inflation rate reached double digits in June.

It reached a record high of 15.88% in May of this year. It was 12.07% as of June 2021. According to a study released by the finance ministry on Thursday, India's current account deficit is predicted to worsen in the current fiscal year as a result of more expensive imports and weaker goods exports.