Rupee rises 11 paise to 79.52 against US dollar

In opening trade on Wednesday, the rupee appreciated by 11 paise to 79.52 against the US dollar, as well as easing crude oil prices and foreign fund inflows.

Forex traders said that USD INR trades are likely to be ahead of the US inflation data.

The rupee was at 79.59 against the US dollar and touched 79.52 in initial deals, leading to an increase of 11 paise over the last close.

The forex market was closed on Tuesday on account of Muharram''.

The dollar index, which gauges the strength of the dollar against a basket of six currencies, fell 0.10 per cent to 106.26.

The global oil benchmark for crude oil fell 0.27 per cent to USD 96.05 per barrel.

According to Anil Kumar Bhansali, head of Treasury, Finrex Treasury AdvisorsTreasury Advisors, the dollar index remains stable before the US CPI data.

Asian currencies are stable to slightly weak, awaiting the data. The range for the rupee is 79.40 to 79.80, according to Bhansali, who said that the dips in USD INR are getting bought as uncertainty about inflation, war and hikes by US FED remain.

Exporters may sell close to 79.80 levels while importers may buy near to 79.40 to hedge their month-end payables, Bhansali said.

On the domestic equity market front, the 30 share Sensex was trading 139.31 points or 0.24 per cent lower at 58,713. The NSE Nifty fell 29.55 points or 0.17 per cent to 17,495. Foreign institutional investors bought 1,449. shares in the capital market on Monday. As per exchange data, 70 crore were reported.