Rupee gains 3 paise to 77.52 against U.S. dollar in early trade

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Rising crude oil prices in the international markets and continued foreign fund outflows kept the pressure on the domestic currency

Rising crude oil prices in the international markets and continued foreign fund outflows kept the pressure on the domestic currency

The rupee appreciated 3 paise to 77.52 against the U.S. dollar in the opening trade on Thursday as a positive trend in domestic equities and weak American currency overseas supported the local unit.

However, rising crude oil prices in the international markets and continued foreign fund outflows kept the pressure on the domestic currency, forex traders said.

At the interbank foreign exchange, the rupee opened slightly weak at 77.54 against the American dollar and then inched up to quote 77.52, registering a rise of 3 paise over the previous close. It was moving in a tight range of 77.52 to 77.55 in early deals.

In the previous session, the rupee settled at 77.55 against the American currency.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% lower at 102.01.

On the domestic equity market front, the 30-share Sensex was trading 271.98 points or 0.51% higher at 54,021.24 points, while the broader NSE Nifty climbed 66.20 points or 0.41% to 16,092 points.

Global oil benchmark Brent crude futures rose 0.51% to $114.61 per barrel.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth ₹1,803.06 crore, as per stock exchange data.

Meanwhile, official sources on Wednesday said the government is not planning any additional borrowing and will stick to the borrowing target fixed for the current fiscal year despite sacrificing revenue on account of a reduction in duties on petroleum products and other goods.

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