Rupee rises 12 paise to 81.96 against US dollar in early trade as crude prices rise in international markets

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Mumbai:The rupee strengthened by 12 paise to 81.96 against the US dollar in early trade on Friday tracking a strong opening in domestic equity markets and weakness in the US dollar against major currencies. The rupee opened strongly at 81.97 against the dollar at the Interbank Foreign Exchange market and rose to 81.96 in a short span of time. In this way, a gain of 12 paise was recorded in the rupee as compared to the previous trading day. However, forex traders said that the rise in crude oil prices in the international markets limited the strength of the Indian currency. On Thursday, the rupee had closed at 82.08 per dollar.

The dollar index, which gauges the strength of the dollar against six major world currencies, fell 0.19 percent to 99.26. Meanwhile, international oil benchmark Brent crude futures rose 0.11 per cent to $81.45 per barrel. According to the data received from the stock market, Foreign Institutional Investors (FIIs) again started the buying spree and on Thursday they bought shares worth Rs 2,237.93 crore. Domestic stock markets are trading with gains in the initial period. The Sensex jumped 358.91 points to reach 65,917.80, while the Nifty also gained 106.65 points to trade at 19,520.40.

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