Rupee gains 16 paise to 82.66 against U.S. dollar

Forex traders said weak crude oil prices lent some support to the rupee

February 20, 2023 09:56 am | Updated 09:56 am IST - Mumbai

Image for representation

Image for representation | Photo Credit: S. R. Raghunathan

The rupee gained 16 paise to 82.66 against the U.S. dollar in early trade on Monday as the American currency retreated from its elevated levels.

Forex traders said weak crude oil prices also lent some support to the local unit.

At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar, then gained ground and touched 82.66, registering a rise of 16 paise over its previous close.

In initial trade, the rupee also touched a low of 82.71 against the American currency.

On Friday, the rupee closed at 82.82 against the U.S. currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13% to 103.99.

Brent crude futures, the global oil benchmark, advanced 0.61% to $83.51 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 23.44 points or 0.04% lower at 60,979.13. The broader NSE Nifty declined 33.95 points or 0.19% to 17,910.25.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth ₹624.61 crore, according to exchange data.

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