Rupee trades in narrow range against U.S. dollar in early trade

The rupee opened at 83.37 against the greenback, then touched 83.35, registering a rise of 4 paise over its previous close

April 02, 2024 10:41 am | Updated 10:41 am IST - Mumbai

Image for representational purposes only.

Image for representational purposes only. | Photo Credit: Reuters

The rupee witnessed range-bound trading in initial deals against the U.S. dollar on April 2, weighed down by a strong American currency and elevated crude oil prices.

At the interbank foreign exchange, the rupee opened at 83.37 against the greenback, then touched 83.35, registering a rise of 4 paise over its previous close.

On March 28, the rupee depreciated 6 paise to settle at 83.39 against the U.S. dollar.

Forex market was closed on March 29 and April 1 on account of 'Good Friday' and the annual account closing of banks, respectively.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05% higher at 105.06.

Brent crude futures, the global oil benchmark, advanced 0.43% to $87.80 per barrel.

On the domestic equity market front, Sensex declined 59.21 points, or 0.08%, to 73,955.34 points. The Nifty fell 12.20 points, or 0.05%, to 22,449.80 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on April 1 as they offloaded shares worth ₹522.30 crore, according to exchange data.

Meanwhile, India's forex reserves increased by $140 million to touch an all-time high of $642.631 billion during the week ended March 22, the Reserve Bank said.

This is the fifth consecutive week of a jump in the overall reserves. The kitty had increased by $6.396 billion to $642.492 billion in the previous week.

On the domestic macroeconomic front, the government's fiscal deficit at ₹15 lakh crore at February-end touched 86.5% of the revised annual target, according to official data released on Thursday.

Moreover, GST collections in March grew 11.5% to ₹1.78 lakh crore on higher domestic sales.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.