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The Rupee opens 19 paise higher to hit 82.19 against the Dollar

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The dollar index fell 0.23% to 104.53. (Case)

The Rupee rose 19 paise to 82.19 against the US Dollar in early trading today amid broad dollar weakness and a firm trend in domestic equities.

Forex traders said sustained outflows of foreign funds were weighing on investor sentiment and limiting valuation bias.

In the interbank foreign exchange market, the national unit opened at 82.30 against the dollar, then gained ground to touch 82.19, registering a rise of 19 paise from its previous close.

On Thursday, the rupiah gained 9 paises to 82.38 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.23% to 104.53.

“With China easing its COVID restrictions such as mass testing, lockdowns and quarantine requirements, there are widespread concerns that cases and deaths will rise, causing further widespread economic disruption. That’s something which we need to watch closely,” IFA Global Research Academy said in a research note.

Brent futures, the global oil benchmark, rose 0.89% to $76.83 a barrel.

On the domestic stock market, the 30-share BSE Sensex traded 25.7 points or 0.04% higher at 62,596.38. The broader NSE Nifty rose 19.25 points or 0.1% to 18,628.60.

Foreign institutional investors (FIIs) were net sellers in capital markets on Thursday as they unloaded shares worth Rs 1,131.67 crore, according to data from the exchange.

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