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Rupee rises 6 paise to 79.86 against US dollar in early trading

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The rupee appreciated 6 paise to 79.86 against the US dollar during opening trading on Friday, driven by foreign fund inflows and a solid trend in domestic equities.



On interbank currencies, the domestic unit opened at 79.87 against the dollar and moved higher to 79.86, a gain of 6 paise from the previous close.

In the previous session, the rupee fell 6 paise to close at 79.92 against the US currency.

The dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.05 percent to 108.51.

Futures on Brent oil, the global oil benchmark, rose 0.83 percent to $100.16 a barrel.

Forex traders said the rupee is expected to witness range-bound trading this Friday as investors wait Federal Reserve Chair Jerome Powell‘s speech for further clues about the pace of Fed rate hikes.

“Higher oil prices and a weak start in Asian and emerging markets could continue to appreciate that bias has capped,” said Sriram Iyer, Senior Research Analyst at Reliance Effects said, adding that markets could also remain within their reach ahead of the monthly futures expiration in August.

In the stock markets, the 30 shares BSE Sensex traded 471.65 points or 0.80 percent higher at 59,246.37. Similarly, the broader NSE Nifty rose 139.50 points or 0.80 percent to 17,661.95.

Foreign institutional investors (FIIs) remained net buyers in the capital markets as they bought shares worth Rs 369.06 crore on Thursday, according to preliminary data.

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