Rupee gains 21 paise to 81.15 against US dollar

NewsDrum Desk
20 Jan 2023
Rupee gains 21 paise to 81.15 against US dollar

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Mumbai: The rupee opened on a positive note and gained 15 paise to 81.15 against the US dollar in early trade on Friday.

Forex traders said the rupee opened stronger tracking gains in the non-deliverable forward (NDF) markets.

At the interbank foreign exchange, the domestic unit opened at 81.24 against the dollar, then gained further ground and touched 81.15, registering a rise of 21 paise over its previous close.

On Thursday, it settled at 81.36 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 102.15.

Brent crude futures, the global oil benchmark, advanced 0.65 per cent to USD 86.72 per barrel.

According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened stronger on Friday tracking gains in the NDF markets. The NDF settled at 81.1650 on Thursday.

"However, stronger crude oil prices, risk-off sentiments amid mounting global growth concerns and weak start for the Asian and emerging market peers this Friday could keep gains in check," Iyer said.

The currency could eke small gains for the week supported by dollar inflows and weaker dollar index, Iyer said.

In the domestic equity market, the 30-share BSE Sensex was trading 94.17 points or 0.15 per cent lower at 60,764.26. The broader NSE Nifty declined 25.15 points or 0.14 per cent to 18,082.70.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they purchased shares worth Rs 399.98 crore, according to exchange data.

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