The rupee is up 42 paises to 76.20 against the US dollar in early trade

On the interbank forex exchange, the rupee opened at 76.27 against the US dollar, then gained momentum to reach 76.20, posting a gain of 42 paise from the previous close

On the interbank forex exchange, the rupee opened at 76.27 against the US dollar, then gained momentum to reach 76.20, posting a gain of 42 paise from the previous close

The rupee was up 42 paises against the US dollar to 76.20 in opening trade on March 10, helped by positive domestic stocks and early trends in state election results. On the interbank forex exchange, the rupee opened at 76.27 against the US dollar, then gained momentum to reach 76.20, posting a gain of 42 paise from the previous close.

On Wednesday, the rupee was up 38 paise to close at 76.62 against the US dollar after crude oil prices fell and domestic stocks rallied. “The rupee opened on a strong note as state election results are in line with market expectations. Fighting in Ukraine is paused at the moment and risk appetite is ongoing for the moment,” said Anil Kumar Bhansali, Head (Treasury) at Finrex Financial Advisors.

The vote count is underway on March 10 in five states that have recently held assembly elections – Uttarakhand, Uttar Pradesh, Punjab, Goa and Manipur. Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.16% to 98.12. Global oil benchmark Brent crude futures rose 3.39% to $114.91 a barrel.

On the domestic stock market front, the 30-piece Sensex traded 1,361.07 points, or 2.49%, higher to 56,008.40, while the broader NSE Nifty rose 368.40 points, or 2.25%, to 16,713.75.

Foreign institutional investors remained net sellers in the capital market on Wednesday, selling ₹4,818.71 crore of shares, according to stock market data.

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