Rupee rises 16 paise to 79.65 against US dollar in early trade

Image Source: PTI On Monday, the rupee had closed 3 paise lower at 79.81 against the dollar.

Highlight

  • On Monday, the rupee had closed 3 paise lower at 79.81 against the dollar.
  • The global oil benchmark rose 0.11 per cent to $92.10 a barrel.
  • The meeting of the Monetary Policy Committee of the Reserve Bank of India will be held from September 28-30.

The rupee on Tuesday advanced 16 paise to 79.65 against the US dollar in early trade in line with a positive trend in domestic equities. At the interbank forex, the domestic unit opened higher at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close. On Monday, the rupee had closed 3 paise lower at 79.81 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.15 per cent to 109.57. Global oil benchmark Brent crude futures rose 0.11 per cent to $92.10 per barrel. Anil Kumar Bhansali, Head of Treasury, Finrex Treasury, said, “Markets were waiting for the US Fed’s decision as the two-day meeting begins Tuesday. May it stifle US growth expectations.” Advisor.

The Reserve Bank of India’s own Monetary Policy Committee (MPC) will meet between September 28-30 and the result will be announced on the last day. According to Bhansali, the rupee is expected to trade in the range of 79.50-79.90 with balanced risk.

In the domestic equity market, the 30-share BSE Sensex was trading 627.68 points or 1.06 per cent higher at 59,768.91. Similarly, the broader NSE Nifty rose 190.80 points or 1.08 per cent to 17,813.05. Foreign institutional investors (FIIs) became net buyers in the capital market as they bought shares worth Rs 312.31 crore on Monday, according to exchange data.

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