BUSINESS

Rupee increases 6 paise to 82.55 US cents

In early trading on Monday, the rupee strengthened 6 paise to 82.55 versus the US dollar, helped by consistent inflows of foreign capital and a strong trend in local stocks.www.theindiaprint.com rupee increases 6 paise to 82 55 us cents images 2023 07 10t191133.100

The local unit began trading at 82.65 versus the dollar on the interbank foreign exchange before rising to 82.55, up 6 paise from its previous close.

The rupee’s closing value versus the US dollar on Friday was 82.61.

The dollar index, which measures the value of the dollar against a basket of six other currencies, increased 0.18 percent to 102.45.

The benchmark for world oil, Brent crude futures, was trading 0.65% higher at USD 77.96 a barrel.

According to forex dealers, the currency is trading favourably due to consistent inflows of foreign funds and encouraging macroeconomic data.

The Reserve Bank of India said on Friday that India’s foreign currency reserves increased by USD 1.853 billion to USD 595.051 billion in the week ending June 30.

The 30-share BSE Sensex rose 149.62 points, or 0.23 percent, to 65,430.07 on the domestic equities market. Additionally, the larger NSE Nifty increased by 59.50 points, or 0.31 percent, to 19,391.30.

According to exchange statistics, Foreign Institutional Investors (FIIs) were net purchasers on Friday in the capital market, buying shares worth Rs 790.40 crore.

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