Indian rupee rises 6 paise to 82.34 against US dollar

The rupee rose 6 paise to 82.34 versus the US dollar in opening trade on Wednesday, as a strong trend in local stocks boosted investor mood.

However, forex traders said that ongoing foreign capital outflows limited the local currency’s gains.

Also Read| Sensex climbs 380 points, Nifty rises by 98 points in early trade

The local unit began strongly at 82.32 versus the dollar on the interbank foreign exchange but lost some ground to quote at 82.34, a 6-paise gain over its previous finish.

The rupee fell 10 paise versus the dollar in the prior session on Tuesday, finishing at 82.40. The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.06% to 112.06.

Also Read| Oil prices rise 1% as supply concerns persist

The dollar reached 149.395 yen yesterday for the first time since August 1990, before falling to 149.18 early in Wednesday’s Asian session. Meanwhile, sterling rose 0.27% to $1.1349 after falling 0.34% the previous day.

The euro remained roughly steady at $0.9857, close below Tuesday’s high of $0.98755, a level last touched on October 6. The New Zealand currency was recently trading at $0.5695, up 0.19% from the prior session’s two-week high of $0.5719. The Australian dollar was trading at $0.6322, up 0.12% from the previous day.

Also Read| US dollar hovers near 32-year peak against yen despite intervention risks

The global oil benchmark, Brent crude futures, climbed 0.59% to USD 90.56 per barrel.

The Sensex was trading 258.72 points, or 0.44%, higher at 59,219.32 in the domestic equity market. Similarly, the Nifty advanced 69.30 points, or 0.40%, to 17,556.25.

Also Read| Asian shares rise ahead of UK inflation data

Foreign institutional investors (FIIs) have sold shares worth a net of Rs 153.40 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 2,084.71 crore on October 18, as per data available on the NSE.