Rupee strengthened by 1 paise against US dollar in early trade – Dainik Savera Times
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Mumbai: The rupee rose by one paise to 83.02 against the US dollar in early trade on Wednesday ahead of the US Fed policy announcement. In the interbank foreign exchange market, the rupee opened at 83.00 compared to the previous closing level of 83.03 amid strength in domestic stock markets. In early trade, the rupee was trading up by one paise at 83.02 per dollar.
The local currency fell 13 paise on Tuesday and fell below the level of 83 for the first time in last month amid rising crude oil prices and withdrawal of foreign funds. The rupee has depreciated against the US dollar in the last seven sessions. The dollar index, which gauges the strength of the US dollar against six major currencies, was trading 0.40 percent higher at 103.85.
Brent crude futures, the global oil benchmark, were trading at a multi-month high of US$87.24 a barrel. In the domestic stock market, the 30-share BSE Sensex rose by 236.33 points to reach 72,248.38. Nifty also rose by 67.60 points to reach 21,885.05 points in early trade. According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 1,421.48 crore on Tuesday.
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