The rupee gained 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a good trend in the domestic share market boosted investor confidence.
Forex traders also asserted that the local currency profited from the American dollar’s weakness on the global market.
The local currency at the interbank foreign exchange opened strongly against the dollar at 81.58 before falling slightly to quote at 81.60, indicating an increase of 8 paise from its previous close.
On Monday, the rupee strengthened by 3 paisas to end the previous session at 81.68 against the dollar.
The dollar index, which gauges the dollar’s value against a basket of six international currencies, decreased 0.38 percent to 106.28.
The rupee gained 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a good trend in the domestic share market boosted investor confidence.
Brent crude futures, the global standard for oil, increased 1.39 percent to USD 84.35 a barrel.
On the domestic equities market, the 30-share BSE Sensex was up 164.06 points, or 0.26 percent, at 62,668.86. The NSE Nifty, a larger index, also rose 59.10 points, or 0.32 percent, to reach 18,621.85.
Foreign Institutional Investors (FIIs) sold shares worth Rs 935.88 crore on Monday, according to exchange data, making them net sellers in the capital markets.
India’s projected economic growth for the current fiscal year was lowered by S&P Global Ratings to 7% on Monday, but the company also noted that the domestic demand-driven economy of the nation will be less impacted by the global recession. markets.
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