In early trading, rupee gains 11 paise to 79.52 against the US dollar

10 Aug 2022 , 10:40 AM

In the first hour of trading on Wednesday, the rupee strengthened by 11 paise to 79.52 versus the US dollar, after a decline in crude oil prices and an influx of foreign capital. Before the critical US inflation report, forex traders predict sideways USD/INR trading.

The rupee increased by 11 paise from the previous close to starting trading at the interbank foreign exchange, where it hit 79.52 versus the US dollar. The rupee had previously concluded Monday’s session at 79.63 versus the US dollar.

Due to “Muharram,” the FX market was closed on Tuesday. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.10 % to 106.26.

Benchmark Brent crude futures for world oil decreased 0.27 % to USD 96.05 per barrel. Before the release of the US CPI statistics, the dollar index remained constant, according to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.

The 30-share Sensex was down 139.31 points, or 0.24 %, at 58,713.76 points on the domestic equities market, while the larger NSE Nifty was down 29.55 points, or 0.17 %, to 17,495.55. According to exchange statistics, foreign institutional investors were net purchasers on Monday, buying shares worth Rs1,449.70 crore.