Rupee rises 37 paise to 81.30 against US dollar: report
The Rupee appreciated 37 paise to 81.30 against the US Dollar in early trading on Tuesday as the US currency retreated from its high levels.
At the interbank exchange, the national unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise compared to its previous close.
On Monday, the rupee plunged 58 paise to close at an all-time low of 81.67 against the dollar.
According to Sriram Iyer, senior research analyst at Reliance Securities, the rupee appreciated against the greenback as the dollar took a break.
Experts say the focus will now shift to RBI’s meeting this week, with its decision expected on Friday.
“Most Asian and Emerging Market peers started mixed, but a positive start to equity futures could help sentiment. The Dollar Index was slightly weaker, while the Euro, British Pound and the yen strengthened against the greenback on Tuesday morning,” Iyer said.
Meanwhile, the dollar index, which gauges the strength of the greenback against a basket of six currencies, fell 0.36% to 113.69.
Brent futures, the global oil benchmark, rose 0.57% to $84.54 a barrel.
On the domestic stock market, the 30-stock BSE Sensex traded 176.91 points or 0.31% at 57,322.13 and the broader NSE Nifty was up 55.95 points or 0.33% at 17 072.25.
Foreign Institutional Investors (IFIs) were net sellers in capital markets as they sold shares worth ₹5,101.30 crores on Monday, according to exchange data.