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Rupee gains 6 paise to 79.80 against US dollar in early trading

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The rupee appreciated 6 paise to 79.80 against the US dollar at the opening of trading on Thursday, followed by its Asian counterparts and a positive trend in domestic stocks.



On interbank currencies, the domestic unit opened at 79.80 against the dollar, posting a gain of 6 paise from the previous close.

On Wednesday, the rupee depreciated 3 paise to close at 79.86 against the US dollar.

The dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.22 percent to 108.44.

Futures on Brent oil, the global oil benchmark, rose 0.45 percent to $101.68 a barrel.

The rupee could remain range-bound amid caution ahead of the US Federal ReserveJackson Hole conference this week, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“Higher oil prices could continue to appreciate, but most Asian and emerging countries started the day with gains and could offer support,” Iyer added.

In the stock market, the 30 shares BSE Sensex traded 307.95 points or 0.52 percent higher at 59,393.38. Similarly, the broader NSE Nifty rose 93.10 points or 0.53 percent to 17,698.05.

Foreign institutional investors (FIIs) remained net buyers in the capital markets as they bought shares worth Rs 23.19 crore on Wednesday, according to preliminary data.

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