Rupee falls 8 paise to 82.12 against US dollar in early trade

The Indian rupee experienced an 8-paise depreciation against the US dollar in early trade on Wednesday, influenced by the strength of the American currency in international markets.

However, trader sentiments were positively impacted by domestic equity benchmarks reaching all-time high levels and the sustained inflow of foreign funds, which mitigated the downward pressure on the rupee.

At the interbank foreign exchange, the domestic unit opened at 82.08, then touched 82.12, registering a decline of 8 paise over its last close.

On Tuesday, the rupee had settled at 82.04 against the dollar.

The rupee opened a bit lower as the Reserve Bank of India (RBI) continues its US dollar buying spree below 82, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 100.01 on good retail sales data from the US.

Brent crude futures, the global oil benchmark, fell marginally by 0.31 per cent to USD 79.38 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 235.46 points or 0.35 per cent higher at 67,030.60. The broader NSE Nifty advanced 56.85 points or 0.29 per cent to 19,806.10.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 2,115.84 crore, according to exchange data.

With inputs from PTI.