BUSINESS

In early trading, the rupee advances 4 paise to 83.01 versus the US dollar

MUMBAI: Following promising signals from the local equities markets, the rupee strengthened 4 paise to 83.01 versus the US dollar in early trading on Friday. However, high crude oil prices and a strong US dollar, according to forex dealers, were detrimental to the local currency.

The native currency began at 83.03 at the interbank foreign exchange and gradually increased to 83.01 versus the US dollar in early trades, marking a 4-paise gain from its previous finish.
The rupee ended the day 3 paise down against the US dollar, at 83.05.

In the meanwhile, the dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, increased by 0.12% to 104.32.
The benchmark for global oil, Brent crude futures, were down 0.07 percent at USD 82.80 a barrel.
The 30-share BSE Sensex was trading 302.55 points, or 0.42 percent, higher at 72,352.93 points on the domestic equities market. At 22,006.65 points, the larger NSE Nifty increased by 95.90 points, or 0.44 percent.

According to exchange statistics, Foreign Institutional Investors (FIIs) sold shares worth Rs 3,064.15 crore on Thursday, making them net sellers in the capital markets.
According to official figures that were made public on Thursday, the nation’s exports rose 3.12% year over year to USD 36.92 billion in January. The trade deficit was USD 17.49 billion, while imports increased by around 3% to USD 54.41 billion.

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