Representative image only. | Photo credit: The Hindu
The rupee was trading in a narrow range on the morning of April 11 as the uptrend in positive domestic equities and weakness in the US dollar were offset by strength in crude oil prices.
On the interbank exchange, the rupee opened at 81.96 against the dollar. It hit an early low of 82.09 in initial trades. On April 10, the rupee stood at 81.99 against the US dollar.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading at 102.35, down 0.22%. The global oil benchmark, Brent futures, rose 0.64% to $84.72 a barrel.
The rupiah was floating nicely between a tight range of 81.80-82.20 as it waits to set the tone after the US and domestic CPI release, said CR Forex Advisors MD Amit Pabari.
All eyes are on the release of inflation data from India and the United States, as well as the Federal Open Market Committee (FOMC) minutes, which will now become crucial in determining the market trend.
“The market tone appears to remain positive on expectation of a healthy Q4 earnings season. Additionally, NTPC is expected to raise ₹3,000 crore via a bond issue may invite foreign bids and extend short-term gains. duration to the rupee,” Mr Pabari said.
On the domestic stock market front, BSE Sensex was trading 277.59 points or 0.46% higher at 60,124.10, while the broader NSE Nifty was up 85.90 points or 0.49% at 17 709.95.
Foreign institutional investors were net buyers in the capital market on Monday as they bought shares worth ₹882.52 crore, according to exchange data.