Rupee gains 6 paise to 79.80 against US dollar in early trade

The rupee appreciated 6 paise to 79.80 against the US dollar in opening trade on Thursday, tracking its Asian peers and a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 79.80 against the dollar, registering a gain of 6 paise over its previous close.

Also Read| Sensex surges 305 points, Nifty rises by 85 points in early trade

On Wednesday, the rupee depreciated 3 paise to close at 79.86 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.22% to 108.44.

Brent crude futures, the global oil benchmark, advanced 0.45% to USD 101.68 per barrel.

Also Read| Fuel price August 25, 2022: Check petrol, diesel rates in your city

The Rupee could remain range bound amid caution ahead of the US Federal Reserve’s Jackson Hole conference this week, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“Higher oil prices could keep appreciating bias capped, but most Asian and EM peers have started the day with gains and could lend support,” Iyer added.

Also Read| Crypto Fear and Greed Index on Thursday, August 25, 2022

In the equity market, the 30-share BSE Sensex was trading 307.95 points or 0.52% up at 59,393.38. Similarly, the broader NSE Nifty rose 93.10 points or 0.53% to 17,698.05.

RBL Bank is the stock/security that has been placed on the National Stock Exchange’s futures and options(F&O) ban for trade on Thursday, August 25, 2022.  

Also Read| Bulk Deals: Wish Well Finance sold REPL shares, CREF bought stake in RBLBANK

The foreign institutional investors (FIIs) bought shares worth a net Rs 23.19 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 322.34 crore in the Indian equity market on August 24, as per provisional data available on the NSE.    

Also Read| Trending Stocks: TVS Motor, Lupin, NHPC, Wipro and others in news today

Wall Street had ended higher on Wednesday. The S&P 500 rose 12.04 points, or 0.3%, to 4,140.77, as traders resisted making big movements. The Dow Jones Industrial Average increased by 59.64 points, or 0.2%, to 32,969.23, while the Nasdaq Composite increased by 50.23 points, or 0.4%, to 12,431.53.