Rupee rises 18 paise to 81.93 against U.S. dollar in early trade

The rupee gained 18 paise to 81.93 against the U.S. dollar in early trade on April 13, 2023, tracking the broad weakness of the American currency in the overseas market.

The rupee gained 18 paise to 81.93 against the U.S. dollar in early trade on April 13, 2023, tracking the broad weakness of the American currency in the overseas market.

Forex traders said foreign fund inflows also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar, then climbed to 81.93, registering a rise of 18 paise over its previous close.

On April 12, the rupee closed at 82.11 against the U.S. currency.

"Overall USDINR has strong support around 81.75-80 levels, as the RBI is intervening to protect from steep appreciation. Adding to it, the ongoing geopolitical concerns and Fed's hiking process are likely to weigh on investor sentiment and the USDINR could bounce back to 82.50-82.80 levels," CR Forex Advisors MD-Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06% to 101.55.

Brent crude futures, the global oil benchmark, declined 0.22% to $87.14 per barrel.