Markets

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

Photo used for representational purpose only. File

Photo used for representational purpose only. File

The Indian rupee was trading in a narrow range in morning trade on December 29 as muted domestic equities and firm crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the rupee started on a tepid note at 74.69 against the dollar. It traded in a narrow band of of 74.68 to 74.76 in initial deals.

On December 28, the rupee registered its ninth straight session of gain and surged 30 paise to close at a one-month high of 74.70 against the U.S. dollar.

On the domestic equity market front, the 30-share Sensex was trading 74.75 points or 0.13% higher at 57,972.23 while the broader NSE Nifty inched higher by 13.15 points or 0.08% to 17,246.40.

Forex traders said trading is likely to remain range-bound this week ahead of the year-end holidays.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.02% to 96.18.

Global oil benchmark Brent crude futures advanced by 0.20% to $79.10 per barrel.

Foreign institutional investors were net buyers in the capital market on December 28 as they purchased shares worth ₹207.31 crore, as per stock exchange data.


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Printable version | May 20, 2022 11:28:28 pm | https://www.thehindu.com/business/markets/rupee-trades-in-narrow-range-in-early-trade-against-us-dollar/article38060645.ece