Friday, December 1, 2023

Rupee rises 4 paise against US dollar in early trade

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The rupee stayed on the upward track for the third day in a row, appreciating by 4 paise to 83.14 against the US dollar in early trade on Thursday amid easing crude oil prices and a weak American currency.

Subdued sentiments in the domestic equity markets and concerns over foreign funds withdrawal capped a sharp gain in the Indian currency, forex analysts said.

At the interbank foreign exchange, the rupee opened at 83.17 and then traded between the range of 83.13 to 83.17 against the greenback. The Indian unit later traded at 83.14 against dollar, registering a gain of 4 paise from its previous close.

On Wednesday, the rupee settled 7 paise higher at 83.18 against the US dollar. On Tuesday, the domestic unit had gained 3 paise against the American currency.

Market participants are expected to remain watchful of the industrial production data for August to be released by the government on Thursday.

Simultaneously, inflation numbers for September will also be announced, providing insights into the country’s economic health.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13 per cent lower at 105.69.

Brent crude futures, the global oil benchmark, declined 0.45 per cent to USD 85.43 per barrel.

On the domestic equity market front, the BSE Sensex slipped 19.85 points or 0.03 per cent to 66,453.20. The broader NSE Nifty inched up 1.30 points or 0.01 per cent to 19,812.65.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 421.77 crore, as per exchange data.

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