Rupee rises 8 paise to 82.93 against US dollar

The rupee appreciated 8 paise to 82.93 against the US dollar in early trade on Thursday tracking positive domestic equities

Mumbai: The rupee appreciated 8 paise to 82.93 against the US dollar in early trade on Thursday tracking positive domestic equities.

Forex traders said the rupee is witnessing a range-bound trading against the dollar as the support from positive domestic equities was negated by elevated crude oil prices and a firm US dollar.

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At the interbank foreign exchange, the rupee opened at 82.98 against the dollar, and touched 82.93, registering a rise of 8 paise over its previous close.
On Wednesday, the rupee closed at 83.01 against the US currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.13 per cent to 104.62. Brent crude futures, the global oil benchmark, advanced 0.37 per cent to USD 92.22 per barrel.

According to Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali, the rupee was sold off on Wednesday as oil companies continued their relentless buying of US dollar.

RBI seems to be present at 83 and above levels selling US dollar, he said. On Thursday, as the market awaits US retail sales, the rupee should continue to see a range-bound trade.

In the domestic equity market, the 30-share BSE Sensex advanced 189.01 points or 0.28 per cent to 67,656. The broader NSE Nifty was up 61.45 points or 0.31 per cent to 20,131.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,631.63 crore, according to exchange data.