Rupee rises 10 paise to 82.71 against U.S. dollar

Rupee rises 10 paise to 82.71 vs USD in early trade; RBI policy announcement on Aug 10 key event. Domestic equities positive, FIIs net sellers. Forex reserves down $3.165B to $603.87B in week ended July 28.

The rupee gained 10 paise to 82.71 against the U.S. dollar in early trade on Monday tracking positive domestic equities.

However, sustained foreign fund outflows and strength of the American currency in the overseas market dented investor sentiments, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.73, then touched a high of 82.71 against the American currency, registering a rise of 10 paise over its last close.

On Friday, the rupee had settled at 82.81 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14% to 102.16.

Brent crude futures, the global oil benchmark, fell 0.07% to $86.18 per barrel.

The RBI monetary policy announcement on Thursday is the key event this week, IFA Global Research Academy said in a note adding that the rupee is likely to trade in the 82.50-82.80 range with sideways price action.