Rupee valued 35 paise against the US dollar

• In first-time trading, the rupee also hit ₹81.75 against the US currency.
• On Wednesday, the rupee plunged below the 82 mark in intraday trading for the first time.
• Most Asian and emerging markets got off to a weak start on Thursday morning.

The rupee rose 35 paise to ₹81.58 against the US dollar during early trading on Thursday as the US currency pulled back from its elevated levels. On the interbank foreign exchange, the domestic unit opened at 81.60 against the dollar, then touched ₹81.58, registering a gain of 35 paise from the previous close.

In first-time trading, the rupee also hit ₹81.75 against the US currency.

On Wednesday, the rupee plunged below the 82 mark in intraday trading for the first time, before dropping 40 paise at 81.93 against the dollar.

According to Sriram IyerSenior Research Analyst at Reliance Effectsthe rupee opened stronger on Thursday, trailing the dollar’s overnight weakness and treasury revenues.

However, concerns about fiscal easing and monetary tightening will support the dollar and limit the appreciation of the local currency.

Most Asian and emerging markets started weak on Thursday morning and will also hedge gains in the rupee.

“Investors are now waiting for the RBIMonetary Policy Committee’s decision on Friday, with growing expectations of a 50 basis point gain as a result of pressure on the rupee from sharp US rate hikes,” Iyer noted.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.61 percent to 113.28.

Futures on Brent oil, the global oil benchmark, fell 0.46 percent to $88.91 a barrel.

In the domestic stock market, the 30 shares BSE Sensex traded 361.13 points or 0.64 percent higher at 56,959.41 and the broader NSE Nifty rose 133.75 points or 0.79 percent to 16,992.35.

Foreign institutional investors (FIIs) were net sellers in the capital markets as they sold shares worth ₹2,772.49 crore on Wednesday, according to exchange data.

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