The rupee gains 8 paise to 82.99 against the US dollar in early trade

MUMBAI: Due to the US dollar’s decline in the foreign exchange market, the rupee gained 8 paise to 82.99 versus the US dollar in early trading on Monday.

The local currency began trading at the interbank foreign exchange at 83.01 and reached 82.99 against the US dollar in the opening trades. This is an increase of 8 paise from the previous close.
The local currency’s closing value versus the dollar on Friday was 83.07.
For further clues, investors are still expecting US inflation data on Tuesday.
“The dollar index is anticipated to fall around 102.50 levels, which would drive the rupee higher, if the inflation prints out that are lower than predicted. Conversely, in the event of a better release, the DXY (US Dollar Index) might rise as high as 105 levels, but an upward breach of 83.25 levels for USDINR is unlikely, according to MD Amit Pabari of CR Forex Advisors.
In the meanwhile, the dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was down 0.07 percent at 104.03.
The benchmark for world oil, Brent crude futures, fell 0.51% to $81.77 a barrel.
Within the local equities market, the 30-share BSE Sensex was trading at 71,454.25, down 140.34 points, or 0.20 percent. To 21,743.15, the whole NSE Nifty fell 39.35 points, or 0.18 percent.
According to exchange statistics, Foreign Institutional Investors (FIIs) purchased shares worth Rs 141.95 crore on Friday, making them net purchasers in the capital markets.
For the week that ended on February 2, India’s foreign exchange reserves increased by $5.736 billion to $622.469 billion, the Reserve Bank said on Friday.
The total reserves had climbed to $616.733 billion, or $591 million, in the previous week.