Image Source : FILE The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday.
HighlightsOn Friday, the rupee declined by 7 paise to close at 79.78 against the dollar. The 30-share BSE Sensex was trading 54.44 points or 0.09 per cent up at 58,895.23. The broader NSE Nifty rose 23.45 points or 0.13 per cent to 17,554.30.
The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.64 against the American currency, registering a gain of 14 paise over its previous close.
On Friday, the rupee declined by 7 paise to close at 79.78 against the dollar. The rupee opened slightly stronger as Asian equities are flat or higher, the dollar index is at 109.80, US Treasury yields are at 3.45 percent, and Asian currencies are slightly more robust than Friday closing, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. “The range for the day is expected to be 79.50 to 80 with a close watch on RBI as they try to maintain the 80 levels,” Bhansali added.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.09 percent to 109.80. Brent crude futures, the global oil benchmark, rose 0.62 percent to USD 91.92 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 54.44 points or 0.09 percent up at 58,895.23. Similarly, the broader NSE Nifty rose 23.45 points or 0.13 percent to 17,554.30. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 3,260.05 crore on Friday, according to exchange data.
On the domestic macroeconomic front, gross direct tax collections grew 30 percent to Rs 8.36 lakh crore till September 17 of the current fiscal year on higher advance tax mop-up buoyed by the economic revival post-pandemic, the finance ministry said on Sunday. Meanwhile, the country’s foreign exchange reserves declined by USD 2.234 billion to USD 550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday.
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