The rupee is up 32 paises to 75.89 against the US dollar in early trade

The rupee was up 32 paises against the US dollar in opening trade on March 17 to 75.89, helped by positive domestic equities, broad dollar weakness and weakening crude oil prices.

On the interbank forex exchange, the rupee opened at 75.96 against the US dollar and gained momentum to trade at 75.89, up 32 paise from the previous close.

On March 16, the rupee surged 41 paise to close at a nearly two-week high of 76.21 against the US currency.

The Indian rupee opened higher, trailing weakness in the dollar and crude oil overnight, Reliance Securities said in a research note.

“Risk assets rose and the dollar fell despite the Federal Reserve signaling an aggressive monetary tightening cycle and could also support the rupee,” she added.

The US Federal Reserve raised interest rates by 25 basis points and announced six more rate hikes this year.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.24% to 98.38.

Global oil benchmark Brent crude futures rose 1.75% to $99.74 a barrel.

On the domestic stock market front, Sensex traded 999.94 points, or 1.76%, higher to 57,816.59, while the broader NSE Nifty was up 277.75 points, or 1.64%, to 17,253.10.

Foreign institutional investors emerged as net buyers in the capital market on March 16, buying ₹311.99 crore of shares, according to stock market data.

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