Rupee gains two paise to 83.01 against U.S. dollar

The Rupee stayed firm for the seventh consecutive session and gained two paise to 83.01 against the U.S. dollar in early trade on January 11 boosted by a weak American currency and softening crude oil prices.

The Rupee stayed firm for the seventh consecutive session and gained two paise to 83.01 against the U.S. dollar in early trade on January 11 boosted by a weak American currency and softening crude oil prices.

“Sustained buying in the domestic equity markets also supported the Indian currency even as investors were awaiting U.S. inflation data to be released later in the day,” forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.05 and slipped to 83.06 against the greenback for a while. It later traded at 83.01, registering a gain of two paise from its previous close. The domestic currency settled 10 paise higher at 83.03 on January 10.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% lower at 101.98 on January 11. Brent crude futures, the global oil benchmark, advanced 0.33% to $77.05 per barrel.

In the domestic equity market, 30-share benchmark Sensex was trading 271.40 points or 0.38%, higher at 71,929.11. The broader Nifty rose 78.25 points or 0.36% to 21,696.95.

Foreign institutional investors (FIIs) sold shares worth ₹1,721.35 crore on Wednesday, according to exchange data.