Monday, April 3, 2023

Due to FII inflows, the rupee advances 24 paise to 82.10 against the US dollar

Rupee rises by 24 paise to 82.10 against US dollar on FII flows

 MUMBAI: In early trade on Friday, the rupee gained 24 paise to 82.10 thanks to inflows of foreign funds and a decline in crude oil prices.

The sentiment toward the rupee was also bolstered by gains in the local stock market and weakness in the US dollar in early Asian trade.

The rupee opened higher at 82.12 on the interbank foreign exchange market and remained in the green throughout early trade. In the initial trades, it fluctuated between 82.16 and 82.10.

On Wednesday, the rupee had fallen by 18 paise to 82.34 to the dollar. For Ram Navami, the forex market was closed on Thursday.

After the worries about banking contagion have subsided, FIIs have become net buyers in Indian markets. According to V K Vijayakumar, chief investment strategist at Geojit Financial Services, FII flows have increased as a result of the absence of additional bank failures or significant systemic stress.

The dollar file, which checks the greenback's solidarity against a bin of six monetary standards, bounced back from early lows to exchange 0.05 percent higher at 102.20. In early Asian trading, it was lower, trading at 102.09.

Brent crude futures, the global benchmark for oil, decreased by 0.24% to $79.08 per barrel.

The 30-share BSE Sensex gained 680.56 points, or 1.17 percent, to 58,640.65 points on the domestic equity market, while the broader NSE Nifty gained 191.75 points, or 1.12 percent, to 17,272.45 points.

According to exchange data, foreign institutional investors (FIIs) turned net buyers in the capital market on Wednesday, purchasing shares worth Rs 1,245.39 crore.

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