Rupee rises 17 paise to 82.13 versus US dollar

#Britain #China #CrudeOil

The rupee began higher at 82.21 against the US dollar
The pound rose 0.41% to $1.1399 and the yen was trading at 148.78 per dollar
The euro was up 0.14% at $0.9857

Written By:Daman

Updated: October 17 2022 07:51:00 PM ET

The rupee gained 22 paise to 82.08 versus the US dollar in opening trade on Tuesday, following positive domestic equities and an overnight decline in the dollar index.

At the interbank foreign exchange, the local unit began at 82.21 versus the dollar, then rose further trade at 82.08, a 22-paise gain from its previous close.

Also Read: Oil trades flat as weak US dollar, recession jitters weigh on market

The rupee started stronger this Tuesday, tracking an overnight fall in the dollar index, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“RBI’s continued presence in the markets and oil prices have stabilised and could aid sentiments,” Iyer said, adding that Asian and emerging market peers remained weak this Tuesday morning amid recessionary fears and could cap appreciation bias for the local unit.

Also Read: US Stock Market: Dow, S&P500, Nasdaq, Russell ended in green on Tuesday

The rupee depreciated by 11 paise to close at 82.30 versus the US dollar on Monday.

The dollar index, which measures the strength of US currency versus a basket of six currencies, surged 0.10% to 112.15.

The pound rose 0.41% to $1.1399. The euro was up 0.14% at $0.9857.

Also Read: Stocks to watch on Tuesday, October 18, 2022

Meanwhile, the yen recently traded at 148.78 per dollar, very close to its 32-year low of 148.86 set on Friday, owing to surging US Treasury yields and a strengthening dollar.

The Australian dollar rose 0.41% to $0.6323, while the New Zealand dollar rose 0.71% to $0.5696.

Meanwhile, the Chinese offshore yuan was last traded for 7.1930 per dollar.

The international oil benchmark, Brent crude futures climbed 0.32% to USD 91.91 per barrel.

The Sensex was up 670 points or 1.13% at 59,068.60 and the Nifty rose 190.80 points or 1.10% to 17,502.85 in early trade on Tuesday.

Foreign institutional investors (FIIs) have sold shares worth a net of Rs 372.03 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 1,582.24 crore on October 17, as per data available on the NSE.