Rupee gains in-line with equities, rises 16 paise to 79.65 against dollar


The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities.


At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close.


On Monday, the rupee settled 3 paise lower at 79.81 against the dollar.


The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.15 per cent to 109.57.


Brent crude futures, the global oil benchmark, rose 0.11 per cent to USD 92.10 per barrel.


“Markets were awaiting the US Fed’s decision as the two-day meeting starts on Tuesday. A few players expected the US FED to not sound too hawkish lest it hampers the US growth expectations,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.


The Reserve Bank of India will have its Monetary Policy Committee (MPC) meeting between September 28-30, and the outcome will be announced on the last day.


According to Bhansali, the rupee is expected to trade in the range of 79.50-79.90 with risks balanced.


In the domestic equity market, the 30-share BSE Sensex was trading 627.68 points or 1.06 per cent up at 59,768.91. Similarly, the broader NSE Nifty rose 190.80 points or 1.08 per cent to 17,813.05.


Foreign Institutional Investors (FIIs) turned net buyers in the capital markets, as they purchased shares worth Rs 312.31 crore on Monday, according to exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor


First Published: Tue, September 20 2022. 11: 03 IST