"Rupee rises 18 paise to 82.77 against US dollar in early trade"

"Rupee rises 18 paise to 82.77 against US dollar in early trade"

• By Staff Writer

The rupee appreciated 18 paise to 82.77 against the US dollar in early trade on Monday, supported by bullish domestic equities wherein domestic indices touched record highs. At the interbank foreign exchange, the domestic currency opened at 82.82 and touched 82.77 against the greenback in initial trade, registering a rise of 18 paise from its previous close.

On Friday, the rupee strengthened for the eighth consecutive session to settle with a gain of 6 paise to 82.95 against the US dollar.

The inflows are expected to continue and will keep the pair of USDINR on the downside at 82.80 comes up.

"Keep a close watch on what the Reserve Bank of India does during the day," Anil Kumar Bhansali, the Head of Treasury and Executive Director Finrex Treasury Advisors LLP, said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 102.35.

Global oil benchmark Brent crude was at USD 78.54 per barrel.

Monday's US holiday is likely to result in decreased trading activity, potentially dampening market volatility. This development hints at positive trends for emerging market currencies amidst reduced holiday trading activity," said CR Forex Advisors MD Amit Pabari.