In Early Trade, Rupee Gains 28 Paise To 79.25 Against US dollar

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In Early Trade, Rupee Gains 28 Paise To 79.25 Against US dollar
14 Sep 2022
min read

News Synopsis

The rupee rose 28 paise to 79.25 per dollar in early trade on Tuesday, tracking the dollar's decline against its major peers and foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 79.30 against the dollar, then fell to 79.25 in early trade, a 28-paise gain from the previous close.

The rupee gained 4 paise against the US dollar on Monday, closing at 79.53. The dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.12% to 108.20. Brent crude futures fell 0.21 percent to USD 93.80 per barrel, the global oil benchmark.

The 30-share BSE Sensex was trading 292.69 points, or 0.49 percent, higher at 60,407.82 in the domestic equity market. Similarly, the NSE Nifty advanced 93.25 points, or 0.52 percent, to 18,029.60.

According to preliminary data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, purchasing shares worth Rs 2,049.65 crore

On the domestic front, retail inflation accelerated to 7% in August, driven by high food and fuel prices, while factory output fell to a four-month low of 2.4%.

On Monday, the Finance Ministry attributed the rise in inflation to the base effect and increases in food and fuel prices and stressed that government initiatives to curb price rises will be felt more strongly in the coming months.

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