At the interbank forex, the rupee opened at 76.27 against the US dollar, then picked up momentum and touched 76.20, registering a gain of 42 paise from the previous close.
At the interbank forex, the rupee opened at 76.27 against the US dollar, then picked up momentum and touched 76.20, registering a gain of 42 paise from the previous close.
Supported by early trends in positive domestic stock markets and state election results, the rupee rose 42 paise to 76.20 against the US dollar in early trade on March 10. At the interbank forex, the rupee opened at 76.27 against the US dollar, then picked up momentum and touched 76.20, registering a gain of 42 paise from the previous close.
The rupee on Wednesday ended 38 paise higher at 76.62 against the US dollar following fall in crude oil prices and a rebound in domestic equities. “The rupee opened on a strong note as the state election results were in line with market expectations. Fighting in Ukraine has stopped for the time being and risk sentiment continues,” said Anil Kumar Bhansali, head (treasury). Finrex Treasury Advisor.
Counting of votes is underway on March 10 in the five states where assembly elections were held recently in Uttarakhand, Uttar Pradesh, Punjab, Goa and Manipur. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.16% to 98.12. Global oil benchmark Brent crude futures jumped 3.39% to $114.91 a barrel.
On the domestic equity market front, the 30-share Sensex was trading 1,361.07 points or 2.49% higher at 56,008.40, while the broader NSE Nifty rose 368.40 points or 2.25% to 16,713.75.
Foreign institutional investors remained net sellers in the capital markets on Wednesday as they sold shares worth Rs 4,818.71 crore, according to stock exchange data.