Early trading sees the Indian rupee up 30 paise to 79.39 against the US dollar
In early dealings at the interbank foreign exchange, the rupee quoted at 79.39, up 30 paise from the previous close, after initially rising quickly to 79.55 versus the US dollar. The rupee's closing price versus the dollar in the previous session was 79.69.
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Opening trade on Friday saw the rupee rise 30 paise to 79.39 vs the US dollar, supported by recent inflows of foreign capital into the capital markets and a strong trend in domestic equities. Additionally, dealers stated that the local currency was boosted by a weaker US dollar relative to important rivals.
In early dealings at the interbank foreign exchange, the rupee quoted at 79.39, up 30 paise from the previous close, after initially rising quickly to 79.55 versus the US dollar. The rupee's closing price versus the dollar in the previous session was 79.69.
The 30-share Sensex was up 594.25 points, or 1.05 percent, at 57,452.04 while the larger NSE Nifty gained 182.85 points, or 1.08 percent, to 17,112.45 on the domestic equity market front. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.30 percent to 106.03.
Benchmark Brent crude futures for world crude oil declined 0.11 percent to USD 107.02 per barrel. According to exchange data, foreign institutional investors bought shares worth Rs 1,637.69 crore on Thursday, turning them into net buyers in the capital markets.
In an effort to control inflation, the Reserve Bank's rate-setting panel is anticipated to raise the repo rate by 0.35 to 0.50 percentage points at the review meeting the following week, according to Axis Bank Chief Economist Saugata Bhattacharya.
