Rupee gains 16 paise to 81.54 against US dollar

The rupee appreciated by 16 paise to 81.54 against the US dollar in early trade on Friday tracking widespread dollar weakness and in line with its Asian peers.

At the interbank foreign exchange, the domestic unit opened at 81.69 against the dollar, then recovered to 81.54, registering a rise of 16 paise from its previous close.

On Thursday, the rupee strengthened by 23 paise to close at 81.70 against the US dollar.

Forex traders said the US currency retreated from its higher levels after the Federal Open Market Committee (FOMC) minutes.

The dollar index fell 0.23 percent to 105.82.

Besides this, the stable crude oil price is also weighing on the investor sentiments.

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“Brent held steady around $85 a barrel after Thursday’s decline, which suggested the proposed price cap for Russian crude was too high and above current levels,” the IFA Global Research Academy said in a note.

Brent crude futures rose 0.20 per cent to $85.51 per barrel.

The BSE Sensex was trading at 62,232.79, down 39.89 points or 0.06 per cent. Similarly, the broader NSE Nifty fell 12.65 points, or 0.07 per cent, to 18,471.45.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth $1,231.98 crore, according to exchange data.

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