Rupee rises 50 paise to 81.42 against U.S. dollar in early trade

The rupee appreciated 50 paise to 81.42 against the U.S, dollar in early trade on November 9 on broad dollar weakness and improving global risk sentiments.

Forex traders said sustained foreign fund inflows also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.43 against the dollar, then inched up to 81.42, registering a gain of 50 paise over its previous close.

Also read: Rupee gains 45 paise to close at 81.90 against U.S. dollar

On November 7, the rupee had settled at 81.92 against the U.S. dollar.

The forex market was closed on November 8 on account of Gurunanak Jayanti.

The rupee had strengthened on November 7 and has appreciated further in offshore trading on broad U.S. dollar weakness and positive global risk sentiment, IFA Global Research Academy said in a research note.

Flow picture is improving with FPI inflows returning into domestic equities (already close to $2 billion in the first few sessions of November), it added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01% to 109.64.

Brent crude futures, the global oil benchmark, fell 0.30% to $95.07 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 130.28 points up at 61,315.43 and the broader NSE Nifty rose 85.65 points to 18,202.80.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth ₹1,948.51 crore on Monday, according to exchange data.