Rupee rises 3 paise to 83.10 against US dollar in early trade
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The rupee gained 3 paise against the US dollar, reaching 83.10, driven by positive domestic equities and USD weakness in global markets. The rupee is likely to trade with a positive bias tracking a positive trend in domestic equities and expectations of fresh foreign inflows. In the interbank foreign exchange market, the local unit opened at 83.14 and gained further ground to trade at 83.10 against the greenback, registering a gain of 3 paise from its previous closing level. The USD/INR pair is expected to move within a narrow range of 83.00 to 83.20. The rupee is expected to appreciate to around 82.80-82.50 in the near term, with medium-term projections ranging between 82.20 and 82.00. On the domestic equity market, the 30-share BSE Sensex was trading 124.2 points, or 0.16 per cent higher at 75,514.70 points. The broader NSE Nifty rose 47.95 points or 0.21 per cent to 22,980.40 points in initial trade. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 541.22 crore.
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https://m.economictimes.com/markets/forex/rupee-rises-3-paise-to-83-10-against-us-dollar-in-early-trade/articleshow/110483531.cms
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