Rupee gains 44 paise to reach 79.30 / $

17 Aug 2022 , 02:00 PM

In the early trade of the day on Wednesday, the rupee strengthened 44 paise to 79.30 against the US dollar, mostly due to inflows of foreign capital. In addition, favorable domestic stock market opening despite easing inflationary pressures, according to FX traders, bolstered investor morale.

A boost of 44 paise over the previous close was recorded by the rupee at the interbank foreign exchange, which saw it start off significantly higher versus the dollar at 79.32 before moving further up to 79.30. The rupee lost 12 paise to settle at 79.74 versus the US dollar on Friday during the previous session.

For Independence Day and the Parsi New Year, respectively, the foreign exchange markets were closed on Monday and Tuesday. The dollar index, which represents the value of the US dollar relative to a basket of six other currencies, decreased 0.06 % to 106.44.

Global benchmark Brent crude futures increased 0.34% to USD 92.65 a barrel in the meantime. According to exchange statistics, foreign institutional investors bought shares worth Rs 1,376.84 crore on Tuesday, continuing their trend of being net purchasers in the capital market.