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Rupee Increases by 8 paisas to 82.73 US Cents

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Rupee

Rupee

Early on Tuesday, the rupee strengthened 8 paise to 82.73 against the US dollar due to falling crude oil prices and an uptick in domestic markets. The domestic unit started out at the interbank foreign exchange at 82.74 versus the dollar before moving up to touch 82.73 and recording an increase of 7 paise from its previous closing.

The rupee lost 34 paise on Monday, ending the day at 82.81 against the US dollar. Asian and emerging market counterparts began Tuesday with mixed results, according to Sriram Iyer, Senior Research Analyst at Reliance Securities, as a cautious mood has set in among international investors ahead of the Fed meeting.

Iyer pointed out that the Reserve Bank of India (RBI) might intervene if the rupee depreciates significantly. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.19 percent to 111.31. The benchmark for world oil, Brent crude futures, fell 0.98 percent to USD 94.83 a barrel.

The 30-share BSE Sensex was up 309.52 points, or 0.51 percent, to 61,056.11 on the domestic equity market. The larger NSE Nifty index also increased, rising 102.40 points, or 0.57 percent, to 18,114.60. According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers on Monday in the capital markets, buying shares worth Rs. 4,178.61 crore.

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