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Rupee rises 8 paise to 81.70 against US Dollar

May 08, 2023

Rupee rises 8 paise to 81.70 against US Dollar
The rupee gained 8 paise to 81.70 against the US dollar in early trade on Monday tracking the weakness of the American currency in the overseas market.

Forex traders said significant foreign fund inflows and crude oil prices below USD 75 a barrel also supported the local unit.

At the interbank foreign exchange, the domestic unit opened strong at 81.76 against the dollar and then rose to 81.70, registering a rise of 8 paise over its previous close.

On Thursday, the rupee closed at 81.78 against the US currency.

The forex market was shut on Friday on account of Buddha Purnima.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.07 per cent to 101.14.

Rupee is likely to remain range bound as RBI intervened from both sides, Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali said.

“Forex reserves moved towards USD 589 billion, clearly indicating that RBI has been buying dollars and gold from the market. Market awaits for Eurozone Industrial Production and US consumer Inflation Expectation data,” Bhansali said.

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