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Rupee rises 37 paise to 81.30 against U.S. dollar; markets rebound

After a positive beginning, the 30-share BSE Sensex climbed 461.82 points to 57,607.04 in initial trade

September 27, 2022 10:25 am | Updated 12:05 pm IST - Mumbai:

Photo used for representation purpose only.

Photo used for representation purpose only. | Photo Credit: Reuters

The rupee appreciated 37 paise to 81.30 against the U.S. dollar in early trade on September 27, 2022 as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise over its previous close.

On Monday, the rupee plunged 58 paise to close at an all-time low of 81.67 against the dollar.

According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee appreciated against the greenback as the dollar took a breather.

According to experts, focus will now shift to RBI's meeting this week, with its decision due on Friday.

"Most Asian and emerging market peers have started mixed, but a positive start in the equity futures could aid sentiments. The dollar index was marginally weaker, while the Euro, Sterling and the Yen strengthened against the greenback in this Tuesday morning trade," Iyer said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.36 per cent to 113.69.

Brent crude futures, the global oil benchmark, rose 0.57% to $84.54 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 176.91 points or 0.31 per cent up at 57,322.13 and the broader NSE Nifty rose 55.95 points or 0.33 per cent to 17,072.25.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 5,101.30 crore on Monday, according to exchange data.

Markets rebound after 4-day slump

Benchmark indices rebounded in early trade after falling in the last four sessions amid partial recovery in Asian markets.

After a positive beginning, the 30-share BSE Sensex climbed 461.82 points to 57,607.04 in initial trade. Similarly, the broader NSE Nifty advanced 144.15 points to 17,160.45.

Among the 30-share Sensex pack, ITC, Power Grid, Hindustan Unilever, Infosys, Wipro, ICICI Bank, Nestle and NTPC were major winners in early trade.

Maruti, Titan, Tata Steel, Reliance Industries and Kotak Mahindra Bank were laggards.

Elsewhere in Asia, markets in Tokyo and Shanghai quoted in the green, while Seoul and Hong Kong traded lower.

The U.S. markets ended in the negative territory on Monday.

Markets are likely to take a breather from the recent corrections and start Tuesday's session on a higher note, tracking recovery in select Asian indices even as US markets in overnight trades continued the declining trend, said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities in his pre-market opening comment.

"However, markets may continue to wobble intra-day amidst escalating risks of a global recession driven largely by aggressive monetary tightening around the world to suppress elevated inflation," Tapse added.

Meanwhile, the international oil benchmark Brent crude climbed 0.54 per cent to USD 84.51 per barrel.

Foreign institutional investors offloaded shares worth Rs 5,101.30 crore on Monday, according to data available with BSE.

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