Rupee rises 2 paise to 82.89 against U.S. dollar in early trade
The Hindu
Mumbai: Rupee strengthens against US dollar amid volatile equity market, foreign fund outflow, and anticipation of GDP data.
The rupee appreciated 2 paise to 82.89 against the U.S. dollar in early trade on February 29, tracking a weak American currency and a downward trend in the crude oil prices.
The domestic unit, however, weighed down by a volatile equity market and unabated outflow of foreign funds, forex traders said.
Market participants were also awaiting the domestic GDP data to be released later in the day, they said.
At the interbank foreign exchange, the local currency opened at 82.88 and dipped to 82.89 against the greenback, registering a gain of 2 paise from its previous close.
On Wednesday, the rupee settled 2 paise lower at 82.91 against the US dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.11% lower at 103.86 on Thursday.
Analysts said the dip in the American currency was an instant reaction to the U.S. macroeconomic data which projected a slightly lower growth rate for the world's largest economy.
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Neither the economists at the Finance Ministry, nor the economists at the Reserve Bank of India seem to be unduly perturbed by a steeply depreciating Rupee, as the domestic rate of inflation is well below the tolerable range of 2 to 6%, GDP is growing at a healthy rate of around 8% in the first two quarters of this financial year and agriculture, manufacturing and services are performing according to expectations.
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