Symbolic picture only. , Photo credit: The Hindu
The rupee was trading in a narrow range in morning trade on April 11 as gains in positive domestic equities and a weaker US dollar were negated by firming crude oil prices.
At the interbank foreign exchange, the rupee opened at 81.96 against the dollar. It touched a low of 82.09 in early deals. On April 10, the rupee closed at 81.99 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.22% lower at 102.35. Global oil benchmark Brent crude futures rose 0.64% to $84.72 a barrel.
Amit Pabari, MD, CR Forex Advisors, said the rupee is floating nicely between a tight range of 81.80-82.20, waiting to set the tone post US and domestic CPI releases.
All eyes are on the release of the Federal Open Market Committee (FOMC) minutes as well as inflation data in India and the US, which will now become crucial in determining the market trend.
“Market sentiment remains positive on expectations of a good Q4 earnings season. Besides, NTPC is set to raise ₹3,000 crore by issuing bonds, may invite some foreign bids and increase short-term gains in rupee Is.” Pabari said.
On the domestic equity market front, the BSE Sensex was trading 277.59 points or 0.46% higher at 60,124.10, while the broader NSE Nifty advanced 85.90 points or 0.49% to 17,709.95.
Foreign institutional investors were net buyers in the capital market on Monday as they bought shares worth ₹882.52 crore, according to exchange data.