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Rupee rises 5 paise to 79.47 against US dollar in early trading

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The rupee witnessed range-bound early trading Thursday as a solid US currency and concerns over the aggressive US fed offset the support from positive domestic equities.



On the interbank foreign exchange, the domestic unit opened at 79.53 against the dollar, then reached 79.47 in the first deals, registering a gain of 5 paise from the previous close.

On Wednesday, the rupee fell 35 paise to close at 79.52 against the US currency.

The dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.06 percent to 109.72.

Brent oil futures, the global oil benchmark, fell 0.11 percent to U.S. dollar 94 per barrel.

In the domestic stock market, the BSE Sensex with 30 shares traded 275.51 points or 0.46 percent higher at 60,622.48. Similarly, the broader NSE Nifty rose 36.15 points or 0.2 percent to 18,039.90.

Foreign institutional investors (FIIs) were net sellers in the capital markets as they sold shares worth Rs 1,397.51 crore on Wednesday, according to preliminary data.

Asian currencies are still on the weaker side against the USD, so the rupee will not gain much against the dollar. The range for the day is expected to be between 79.30 and 79.80 as the market braces propose a rate hike of 75 basis points by the FED.” said Anil Kumar Bhansali, Head of Treasury, Finrex treasury advisors.

India’s trade deficit was larger, although export figures were also revised slightly higher. “The trade deficit remains a concern for the country,” Bhansali said.

Indian exports rose marginally by 1.62 percent to $33.92 billion, while the trade deficit more than doubled to $27.98 billion in August on the back of increased crude oil imports, data from the Ministry of Commerce shows. Wednesday.

The revised data shows that imports rose 37.28 percent in August this year to $61.9 billion.

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