At the interbank currency exchange, the domestic currency opened at 83.72, 1 paisa higher than the previous dayโs close.
| Photo Credit: Reuters
The rupee rose 2 paise to 83.71 against the U.S. currency in early trade on July 31 following a marginal dip in the dollar in overseas markets.
At the interbank currency exchange, the domestic currency opened at 83.72, 1 paisa higher than the previous day’s close.
The domestic unit moved in the tight range of 83.70-83.72 in early trade.
Forex traders said the rise in Brent crude oil prices offset the rupee’s gains following the decline in dollar rates overseas.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.19% to 104.36.
Brent crude futures โ the global oil benchmark โ rose 1.49% to $79.80 per barrel.
Also Read: Sensex, Nifty retreat from record highs to close flat ahead of key US Fed rate decision
All eyes will be on the U.S. Fed rate announcement later in the day. Expectations are ripe that the Federal Reserve might signal a rate cut as early as September.
In the domestic equity market, the 30-share BSE Sensex showed volatility, rising over 200 points in early trade to reach a record high before trading at 81,517.75, up 62.35 points, at 9.35 a.m.
โForeign institutional investors were net sellers in the capital markets on July 30, offloaded shares worth โน5,598.64 crore,โ according to exchange data.
