Rupee rises 4 paise to 81.87 against US dollar

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The rupee gained 4 paise to 81.87 against the US dollar in early trade on Tuesday, July 4, 2023, supported by a bullish trend in domestic markets and steady foreign fund inflows.

However, a strong US dollar and surge in crude oil prices capped sharp gains for the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 81.90 against the dollar and then rose to 81.87, registering a gain of 4 paise over its previous close, as benchmark indices touched all-time highs.

In initial trade, the rupee also touched a low of 81.95 against the American currency.

On July 3, the rupee closed at 81.91 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 103.01.

Brent crude futures, the global oil benchmark, advanced 0.63 per cent to USD 75.12 per barrel.