Rupee Surges 67 Paise To 82.14 Against US Dollar In Early Trade

At the interbank foreign exchange, the domestic unit opened at 82.15 against the dollar. It gained ground to quote at 82.14, registering a rise of 67 paise over its previous close

The rupee surged 67 paise to 82.14 against the US dollar in early trade on Thursday after the dollar retreated from its elevated levels, reported PTI. At the interbank foreign exchange, the domestic unit opened at 82.15 against the dollar. It gained ground to quote at 82.14, registering a rise of 67 paise over its previous close.

On Tuesday, the Indian currency closed at 82.81 rising by 7 paise against the dollar. On the account of DIwali Balipratipada the forex market was closed on Wednesday.

According to Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors, said that the rupee opened stronger after the dollar index fell to below 110 levels. "The probable reason for this fall is slower rate hikes from the US in November-22 despite inflation being higher," Bhansali said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 109.76, PTI reported.

The rise in oil prices from $90 per barrel to $94 per barrel would cap the rise in the rupee as oil is a major import for the country. Oil companies and importers will use this opportunity to buy dollars at a cheaper rate, Bhansali said.

"The range for the day is expected to be 81.80 to 82.40 as most Asian currencies have also risen from their recent lows," Bhansali added.

Meanwhile, the global oil benchmark Brent crude futures advanced 0.26 per cent to $95.94 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 371.83 points or 0.62 per cent higher at 59,915.79. Similarly, the broader NSE Nifty rose 113.40 points or 0.64 per cent to 17,769.75. According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 247.01 crore on Tuesday.