The rupee gained 8 paise to 81.66 against the U.S. dollar in early trade on April 27 amid weak American currency in the overseas market.
| Photo Credit: Reuters
The rupee gained 8 paise to 81.66 against the U.S. dollar in early trade on April 27 amid weak American currency in the overseas market.
Forex traders said a positive trend in domestic equities, foreign fund inflows and crude oil prices below $80 a barrel also supported the local unit.
At the interbank foreign exchange, the domestic unit opened at 81.69 against the dollar and then climbed to 81.66, registering a rise of 5 paise over its previous close.
On April 26, the rupee closed at 81.74 against the U.S. currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.07% to 101.40.
Brent crude futures, the global oil benchmark, advanced 0.48% to $78.06 per barrel.
“The rupee is expected to trade in the narrow range of 81.70-82.30 levels as mixed economic data and a fragile geo-political environment are likely to increase volatility, and following a risk-management policy would be suitable this time,” CR Forex Advisors MD Amit Pabari said.
In the domestic equity market, the 30-share BSE Sensex advanced 38.68 points or 0.06% to 60,339.26 points. The broader NSE Nifty gained 5.45 points or 0.03% to 17,819.05 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on April 26 as they offloaded shares worth ₹1,257.48 crore, according to exchange data.
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