Rupee gains 15 paise to 82.32 against US dollar

MUMBAI: The rupee appreciated 15 paise to 82.32 against the US dollar in early trade on Monday tracking easing crude oil prices and a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then gained ground to quote at 82.32, registering a rise of 15 paise over its previous close.

In the previous session on Friday, the rupee declined by 14 paise to close at 82.47 against the dollar.

The rupee started on a stronger note on Monday tracking weak oil prices. However, most Asian and emerging market peers started weaker and could cap gains, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Iyer further noted that caution will set in this week ahead of crucial meetings from the US Fed, the Bank of England and a surprise meeting of the RBI.

For the first time since the implementation of the monetary policy framework in 2016, the Reserve Bank will submit a report to the government on its failure to keep the retail inflation rate below six per cent for three consecutive quarters beginning January 2022.

The central bank has called a special meeting of the Monetary Policy Committee (MPC) on November 3.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.01 per cent to 110.73.

Brent crude futures, the global oil benchmark, declined 0.52 per cent to USD 95.27 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 605 points or 1.01 per cent higher at 60,564.85. Similarly, the broader NSE Nifty rose 171.85 points or 0.97 per cent to 17,958.65.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,568.75 crore, according to exchange data.