Rupee gains 11 paise to 82.77 against U.S. dollar

The rupee opened at 82.78 against the dollar and marginally rose to 82.77, registering a rise of 11 paise over its previous close

February 23, 2023 10:22 am | Updated 10:22 am IST - Mumbai

Image for representation

Image for representation | Photo Credit: V. Sudershan

The rupee gained 11 paise to 82.77 against the U.S. dollar in early trade on Thursday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 82.78 against the dollar and marginally rose to 82.77, registering a rise of 11 paise over its previous close.

On Wednesday, the rupee closed at 82.88 against the U.S. currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23% to 104.34.

Brent crude futures, the global oil benchmark, advanced 0.48% to $80.99 per barrel.

"US Federal Reserve officials in their most recent Federal Open Market Committee (FOMC) meeting on February 1 indicated that there are signs inflation is coming down but not enough to counter the need for more interest rate hikes," Mitul Shah, Head of Research – Institutional Desk at Reliance Securities, said.

In the domestic equity market, the 30-share BSE Sensex fell 166.23 points or 0.28% to 59,578.75 points. The broader NSE Nifty declined 58.40 points or 0.33% to 17,495.90 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹579.82 crore, according to exchange data.

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