Mumbai: The rupee strengthened by 13 paise to 79.11 against the US dollar in early trade on Monday.
Forex traders said the rupee strengthened as the dollar continued to fall on the back of a less aggressive US Fed and fall in crude oil prices.
At the interbank foreign exchange, the rupee opened at 79.16 against the US dollar and touched 79.11 in early deals, registering a gain of 13 paise over its previous close.
The rupee had closed at 79.24 against the US dollar in the previous session.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 105.75.
Global oil benchmark Brent crude futures fell 0.97 per cent to $103 a barrel.
According to Anil Kumar BhansaliHead of the Treasury, Finrex treasure Advisors, the rupee is likely to trade in the range of 79 to 79.40.
“The market awaits reserve Bank of India MPC will give rate signal on August 5.
On the domestic equity market front, the 30-share Sensex was trading 188.86 points or 0.33 per cent higher at 57,759.11, while the broader NSE Nifty rose 72.45 points or 0.42 per cent to 17,230.70.
Foreign institutional investors were net buyers in the capital markets on Friday, buying shares worth Rs 1,046.32 crore, according to exchange data.
Forex traders said the rupee strengthened as the dollar continued to fall on the back of a less aggressive US Fed and fall in crude oil prices.
At the interbank foreign exchange, the rupee opened at 79.16 against the US dollar and touched 79.11 in early deals, registering a gain of 13 paise over its previous close.
The rupee had closed at 79.24 against the US dollar in the previous session.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 105.75.
Global oil benchmark Brent crude futures fell 0.97 per cent to $103 a barrel.
According to Anil Kumar BhansaliHead of the Treasury, Finrex treasure Advisors, the rupee is likely to trade in the range of 79 to 79.40.
“The market awaits reserve Bank of India MPC will give rate signal on August 5.
On the domestic equity market front, the 30-share Sensex was trading 188.86 points or 0.33 per cent higher at 57,759.11, while the broader NSE Nifty rose 72.45 points or 0.42 per cent to 17,230.70.
Foreign institutional investors were net buyers in the capital markets on Friday, buying shares worth Rs 1,046.32 crore, according to exchange data.