Indian rupee recovers after hitting 82 against US dollar

The Indian rupee recovered 8 paise to 81.96 against the US dollar (Dh 22.33 against UAE dirham) in early trade on Tuesday after gains in the equities and a weak greenback in overseas markets.

The Asian currency opened at 82.02 against the dollar at the Indian interbank foreign exchange market. It moved in a tight range of 81.95 to 82.02 in the early trade.

The rupee traded at 81.96 against the US dollar at 9.45 am, registering a gain of 8 paise over the previous close of 82.04.

The dollar index, which gauges the greenback's strength against a basket of six currencies, traded lower by 0.07 per cent at 102.63.

Crude oil price benchmark Brent crude was up 0.44 per cent at $74.51 per barrel.

Anand James, Chief Market Strategist at Geojit Financial Services, said the 81.75-55 level appears more possible now. “We will switch to an upside view if above 82.1 only.”

In the Indian equity market, the 30-share BSE Sensex rebounded 187.41 points or 0.30 per cent to 63,157.41 points, while the broader Nifty advanced 54.70 points or 0.29 per cent to 18,745.90 points.

Foreign Portfolio Investors (FPIs) were net sellers in the capital market on June 26 as they offloaded shares worth ₹4.09 billion, according to exchange data.

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