Rupee rises 8 paise to 82.77 against U.S. dollar

The rupee gained 8 paise to 82.77 against the U.S. dollar in early trade on May 24, 2023 supported by foreign fund inflows

The rupee gained 8 paise to 82.77 against the U.S. dollar in early trade on Wednesday (May 24) supported by foreign fund inflows.

Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the minutes of the U.S. Fed's May meeting, due later in the day.

Moreover, strength of the greenback is restricting the appreciating bias.

At the interbank foreign exchange, the domestic unit opened at 82.83 against the dollar and then rose to 82.77, registering a gain of 8 paise over its previous close.

On Tuesday (May 23), the rupee closed at 82.85 against the U.S. currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03% to 103.46.

"In the overseas markets, the US Dollar Index started flat to marginally stronger this early Wednesday morning in Asian trading ahead of FOMC meeting minutes," said Sriram Iyer, Senior Research Analyst-Commodities & Currencies Reliance Securities Ltd.