In interbank forex, the domestic unit opened at 82.14 against the dollar, then gained further ground to touch 82.12
In interbank forex, the domestic unit opened at 82.14 against the dollar, then gained further ground to touch 82.12
The rupee appreciated by 23 paise to 82.12 per dollar in early trade on November 7 amid a positive trend in the domestic equity market and softening crude oil prices.
At the interbank forex, the domestic unit opened at 82.14 against the dollar, then moved up 23 paise to touch 82.12.
Read also: Rupee gains 47 paise to close at 82.41 against US dollar
On Friday, the rupee had gained 53 paise to close at 82.35 against the US dollar.
According to Sriram Iyer, Senior Research Analyst, Reliance Securities, the rupee started trading with a gap-up trade tracking the overnight weakness of the dollar.
However, most Asian and emerging market peers weakened against the greenback this Monday morning, when Chinese officials reiterated their commitment to a stricter COVID-19 containment approach over the weekend and praise of the local unit could reduce bias, Mr. Iyer said.
The key trigger for currencies this week will be US inflation rate data followed by a series of speeches by Fed officials.
Additionally, US mid-term elections will also be a major trigger for the market. In India, CPI and IIP data will be a major trigger for the domestic markets this week.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.19% to 111.08.
Global oil benchmark Brent crude futures fell 1.04% to $97.54 a barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 81.6 points or 0.13% higher at 61,031.96. Similarly, the broader NSE Nifty rose 52.50 points or 0.29% at 18,169.65.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday as they bought shares worth Rs 1,436.25 crore, according to exchange data.