Rupee rises 8 paise to 83.44 against U.S. dollar in early trade
The Hindu
The rupee appreciated 8 paise to 83.44 against the U.S. dollar in early trade on Thursday, as the American currency retreated from its elevated levels.
The rupee appreciated 8 paise to 83.44 against the U.S. dollar in early trade on Thursday, as the American currency retreated from its elevated levels.
Forex traders said a negative trend in domestic equities and foreign fund outflows weighed on the local unit and restricted the up move.
At the interbank foreign exchange market, the local unit opened at 83.49 against the greenback. It later touched 83.44 in initial trade, registering a rise of 8 paise from its previous close.
On Wednesday, the rupee stayed range-bound and settled 1 paisa lower at 83.52 against the U.S. dollar.
"Indian rupee was sold against the dollar as FPIs continued to sell stocks worth over ₹6,000 crore on Wednesday and bought dollars keeping US dollar higher," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Dollar buying could reemerge despite U.S. dollar selling by the Reserve Bank of India (RBI) to protect the rupee, Mr. Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.51, lower by 0.03%.