Rupee Edges Up 2 Paise To 82.84 Against US Dollar In Early Trade

Image Credit: Reuters

Mumbai: The rupee appreciated by 2 paise to trade at 82.84 against the US dollar in the opening session on Monday following foreign fund inflows. An uptick in crude oil prices and listless trade in domestic stocks capped rupee gains in opening trade, forex dealers said.

The local currency moved in a narrow range of 82.83 to 82.84 against the dollar in early deals. The rupee closed at 82.86 on Friday. The US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading flat at 103.43.

Crude oil prices firmed up in early Asian trade. Brent crude, the global oil benchmark, gained 0.35 per cent to trade at USD 85.64 per barrel. Oil for Indian basket was up at USD 84.50 per barrel.

Domestic equity markets were trading almost flat in morning session on Monday. Benchmark Sensex gained around 0.1 per cent to trade at 72,718.72 while Nifty edged up 0.06 per cent to 22,036.20.

Foreign investors turned net buyers in Indian stocks on Friday as they purchased shares worth Rs 848.56 crore on net basis. FPIs bought shares worth Rs 40,710 crore in the first fortnight of the month amid an improvement in the global economic landscape and robust domestic macroeconomic outlook.