The rupee is up 4 paises to 75.69 against the US dollar in early trade

Business

A weak US currency in the international market also helped the rupee, forex traders said

A weak US currency in the international market also helped the rupee, forex traders said

The rupee appreciated 4 paises against the US dollar to 75.69 in opening trade on March 30 to 75.69 after domestic stocks rallied on hopes of a breakthrough in Russia-Ukraine talks.

A weak US currency in the international market also helped the local entity, forex traders said.

However, rising global crude oil prices limited the domestic currency’s gains, they added.

On the interbank forex exchange, the rupee opened strong at 75.65 against the US dollar but lost some ground to trade at 75.69, up 4 paise from the last close.

It ranged between 75.69 and 75.62 during morning trade.

In the previous session, the rupee had settled at 75.73 against the greenback.

Meanwhile, global oil benchmark Brent crude futures were up 1.02% to $111.35 a barrel.

The dollar index, which measures the dollar’s strength against a basket of six currencies, slipped 0.24% to 98.20.

On the domestic stock market front, the 30-piece Sensex traded 471 points, or 0.81%, higher to 58,414.94, while the broader NSE Nifty was up 125.65 points, or 0.73%, to 17,450.95.

After talks between Ukrainian and Russian officials on Tuesday, Moscow announced it would scale back military operations near Kyiv and Chernihiv.

Foreign institutional investors were net buyers in the capital market on Tuesday, buying £35.47 billion worth of shares, according to stock market data.

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