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Published 11:09 IST, July 9th 2024

Rupee holds steady at 83.50 against US Dollar in early trade

Equity markets exhibited a positive trend during early trade, bolstering the sentiment around the currency.

Reported by: Business Desk
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RBI e-rupee expansion
Rupee holds steady | Image: Freepik

Rupee holds steady: In the early trading session on Tuesday, the Rupee opened flat against the US Dollar, starting at 83.49 and moving within a narrow range of 83.49 to 83.51 at the interbank foreign exchange market. By 0925 hrs, it was trading at 83.50 per dollar, showing minimal change from its previous close of 83.50 on Monday.

Forex traders noted that the Rupee's movement was influenced by mixed global cues, as a firm dollar index, measuring the greenback against a basket of six currencies, stood at 105.03, reflecting a slight uptick of 0.03 percent.

Simultaneously, Brent crude, the global oil benchmark, saw a slight decline of 0.28 per cent to settle at $85.51 per barrel. This reduction in crude oil prices provided some relief to the Rupee against the strengthening dollar trend observed in international markets.

Domestically, the equity markets exhibited a positive trend during early trade, bolstering the sentiment around the currency. The benchmark Sensex index rose by 194.25 points or 0.24 per cent to reach 80,154.63, while the broader Nifty index was up by 42.35 points or 0.17 per cent, reaching 24,362.90.

Foreign institutional investors (FIIs) remained net buyers in the capital markets on Monday, acquiring shares worth Rs 60.98 crore according to provisional data from stock exchanges. This influx of foreign investment contributed to the Rupee's stable performance amidst global economic uncertainties.

Overall, the rupee's resilience against the dollar was underpinned by local market dynamics and global economic indicators, marking a cautious yet steady start to the trading day for the currency markets.

(with PTI inputs)

Updated 11:09 IST, July 9th 2024