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Friday, January 27, 2023

Rupee breaks above 80 level against USD for first time in 2 months

The rupee rose 19 paise to break the 80 level against the US currency for the first time in two months on Monday due to a weak dollar in overseas markets. A drop in crude oil prices and early gains in stock markets also supported the local currency, according to currency traders.

In the interbank foreign exchange market, the the rupee opened higher to 80.92 per dollar compared to the previous close of 81.17. The local unit moved in a range of 81.02 to 80.88 in the morning offers.

The rupee was trading at 80.98, showing gains of 19 paise compared to the previous close, at 0930 hrs.

The US dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.35 percent to 101.65 amid concerns about US economic growth.

Crude prices also fell as traders awaited further clues on China’s economic recovery and weak trade volumes from Asia, analysts said.

Brent crude fell 0.52 percent to $87.17 a barrel after a recent rally. Indian basket oil also fell 2.51 percent to $82.19 a barrel.

On the domestic stock market front, the 30-stock BSE Sensex rose 254.24 points, or 0.42 percent, to 60,876.01, while the broader NSE Nifty gained 64.20 points, or 0.36. percent to 18,091.85 in morning operations.

Foreign institutional investors (FIIs) were net sellers in the capital market on Friday as they sold Rs 2,002.25 crore worth of shares, according to exchange data.
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