Rupee gains 4 paise, hits 83.01 against US Dollar in early trade

Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit

Mumbai: The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from domestic equity markets.

Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit.

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At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close.

On Thursday, the rupee settled 3 paise lower at 83.05 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.12 per cent up at 104.32.

Brent crude futures, the global oil benchmark, were trading 0.07 per cent lower at USD 82.80 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 302.55 points or 0.42 per cent higher at 72,352.93 points. The broader NSE Nifty advanced 95.90 points or 0.44 per cent to 22,006.65 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth Rs 3,064.15 crore, according to exchange data.

Government data released on Thursday showed the country’s exports increased 3.12 per cent on-year to USD 36.92 billion in January. Imports rose by about 3 per cent to USD 54.41 billion and the trade deficit stood at USD 17.49 billion.