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HomeNewsInternational NewsRupee gains 6 paise to 83.31 against US dollar in early trade

Rupee gains 6 paise to 83.31 against US dollar in early trade

A currency trader is depicted through the symbol of the Indian rupee on the floor of a trading company in Mumbai.image used to represent

A currency trader is depicted through the symbol of the Indian rupee on the floor of a trading company in Mumbai.Image used for representation | Image source: Reuters

The rupee appreciated by 6 paise to 83.31 against the US dollar on Tuesday on weak crude oil prices in the international market.

However, currency traders said the local sector faced some headwinds due to subdued domestic equity sentiment and a stronger dollar.

At the interbank foreign exchange market, the local unit opened strongly at 83.32 against the US dollar before inching up to 83.31, up 6 paise from its previous close.

The rupee gained 13 paise to 83.37 against the US dollar on Friday. Foreign exchange markets were closed on Monday due to the election.

Meanwhile, the U.S. dollar index, which measures the U.S. dollar’s strength against a basket of six currencies, was at 104.57, up 0.11%.

Analysts attributed the dollar’s strength to rising U.S. Treasury yields, even as the Federal Reserve said it needed more time to assess the progress of inflation.

Global oil benchmark Brent crude futures fell 0.54% to $83.26 a barrel.

On the domestic stock market, the 30-share BSE Sensex index closed at 73,934.76 points, down 71.18 points or 0.10%. The broader NSE Nifty fell 12.00 points, or 0.05%, to 22,490.00 points.

Foreign institutional investors (FIIs) emerged as net sellers in the capital market during the special trading session on Saturday as they offloaded shares worth Rs 92.95 crore, according to exchange data.

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