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Rupee rises 28 paise to 79.25 against US dollar in early trading

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The rupee appreciated 28 paise to 79.25 against the US dollars as it opens trading on Tuesday, tracking the dollar’s decline against its main competitors and the influx of foreign funds.



On the interbank foreign exchange, the domestic unit opened at 79.30 against the dollar, then reached 79.25 in the first deals, registering a gain of 28 paise from the previous close.

On Monday, the rupee rose 4 paise to close at 79.53 against the US currency.

The dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.12 percent to 108.20.

Brent crude futures, the global oil benchmark, fell 0.21 percent to U.S. dollar 93.80 a barrel.

In the domestic stock market, the 30 shares BSE Sensex traded 292.69 points or 0.49 percent higher at 60,407.82. Likewise the wider NSE Nifty rose 93.25 points or 0.52 percent to 18,029.60.

Foreign institutional investors (FIIs) were net buyers in the capital markets as they bought shares worth Rs 2,049.65 crore on Monday, according to preliminary data.

On the domestic macroeconomic front, retail inflation accelerated to 7 percent in August on the back of high food and fuel costs, while factory production fell to a four-month low of 2.4 percent.

The Treasury Department on Monday attributed the rise in inflation to the base effect and the rise in food and fuel prices, stressing that government initiatives to curb the price rise will be felt more strongly in the coming months.

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