In early trade, the Indian rupee rose 12 paise to 77.46 against the US dollar
The rupee began at 77.53 versus the dollar on the interbank foreign exchange, then gained further ground to 77.46, a gain of 12 paise from the previous close.
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In early trade on Monday, the rupee rose 12 paise to 77.46 against the US dollar, helped by a drop in the dollar index and strong domestic equities.
The rupee began at 77.53 versus the dollar on the interbank foreign exchange, then gained further ground to 77.46, a gain of 12 paise from the previous close.
The rupee was trading at 77.58 against the US dollar on Friday. Brent crude futures rose 0.54 percent to USD 120.08 a barrel, a new high.
The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.11 percent to 101.55. The Indian rupee could move in a limited range against the dollar on Monday, according to Sriram Iyer, Senior Research Analyst at Reliance Securities, as a drop in the dollar index offsets losses from high crude oil prices.
While developing market peers were weak, Asian currencies were better, which might help emotions, according to Iyer. On the domestic front, the 30-share Sensex was up 885.17 points, or 1.61 percent, at 55,769.83, while the wider NSE Nifty was up 261.80 points, or 1.6 percent, at 16,614.25.
According to stock exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 1,943.10 crore.
