Rupee rises 4 paise to 81.75 against US dollar

The rupee gained 4 paise to 81.75 against the US dollar in early trade on Friday, April 28, 2023, tracking a weak American currency and foreign fund inflows.

Forex traders said the rupee is trading in a narrow range as the support from crude oil prices below USD 80 a barrel was negated by muted domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.77 against the dollar and then rose to 81.75, registering a rise of 4 paise over its previous close.

On Thursday, the rupee closed at 81.79 against the US currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01 per cent to 101.51.

Brent crude futures, the global oil benchmark, advanced 0.27 per cent to USD 78.58 per barrel.

Traders said, investors are awaiting cues from key domestic macroeconomic data release.

“The important data to be released are EuroZone GDP, BOJ monetary policy statement, India Fiscal deficit and FX reserves, US Michigan Consumer sentiment, US personal income and core PCE price index,” said Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP.

In the domestic equity market, the 30-share BSE Sensex declined 62.14 points or 0.10 per cent to 60,587.24. The broader NSE Nifty fell 10.30 points or 0.06 per cent to 17,904.75.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they purchased shares worth ₹1,652.95 crore, according to exchange data.