Rupee rises 2 paise to 84.40 against U.S. dollar in early trade

Rupee gains against dollar as crude oil prices rise, foreign funds outflow continues, equity markets recover.

The rupee rose 2 paise to 84.40 against the U.S. dollar in early trade on Tuesday (November 19, 2024) amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals.

Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local unit and capped its sharp gain.

At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 against the greenback, trading 2 paise higher from its previous close.

On Monday (November 18, 2024), the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.09% at 106.10.

Brent crude, the global oil benchmark, rose by 0.19% to $73.44 per barrel in futures trade.

On the domestic equity market front, Sensex was trading 271.42 points, or 0.35% higher, at 77,610.43 points. The Nifty advanced 105.55 points, or 0.45%, to 23,559.35 points.