The rupee is trading in a tight range against the US dollar in the early session

On March 31, the last trading session of fiscal year 22, the rupee rose 16 paise to close at 75.74 against the US dollar

On March 31, the last trading session of fiscal year 22, the rupee rose 16 paise to close at 75.74 against the US dollar

The rupee got off to a slow start to the 2022-23 financial year, rising 3 paise to 75.71 against the US dollar in early trade on April 4 amid a firm trend in the domestic stock market.

On the interbank forex exchange, the rupee opened lower at 75.77 against the US dollar and then hit an early high of 75.71, 3 paise above its previous close. The local unit also hit 75.79 on initial deals.

On March 31, the last trading session of fiscal year 22, the rupee rose 16 paise to close at 75.74 against the US dollar.

However, the local unit ended the 2021-22 fiscal year with overall losses of 3.61% or 264 paises against the US currency due to a stronger dollar and rising crude oil prices.

The forex market was closed for the banks’ annual accounts on Friday.

Global oil benchmark Brent crude futures were up 0.13% to $104.53 a barrel.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.06% to 98.57.

On the domestic stock market front, the 30-piece Sensex traded 1,462.66 points, or 2.47%, higher to 60,739.35, while the broader NSE Nifty rose 393.75 points, or 2.23%, to 18,064.20.

Foreign institutional investors remained net buyers in the capital market on Friday as they bought £1,909.78 billion worth of shares, according to stock market data.

On the domestic macro front, India’s current account deficit widened to $23 billion, or 2.7% of GDP, in the December quarter, according to the Reserve Bank of India.

The deficit stood at $9.9 billion, or 1.3% of GDP, in the fiscal second quarter, while it was $2.2 billion, or 0.3% of GDP, in the same period last year, balance of payments data showed .

The center’s budget deficit at the end of February stood at 82.7% of the budget target for the full year, mainly due to higher spending, according to government data released on Thursday.

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