Friday, 1 July, 2022

Indian rupee gains 9 paise to 77.69 against dollar

The rupee strengthened by 9 paise to 77.69 against the US dollar in opening trade on Wednesday, ahead of the Reserve Bank of India's monetary policy decision.

A weak trend in domestic equities, surging crude oil prices and unabated foreign fund outflows capped the appreciation bias of the rupee, forex dealers said, report agencies.

The RBI's Monetary Policy Committee (MPC) is slated to announce its policy decision later in the day. At the interbank foreign exchange, the rupee opened strong at 77.70 against the US dollar, then gained further ground to quote 77.69, registering a rise of 9 paise over the last close.

In the previous session, the rupee had closed at a record 77.78 against the US dollar. On the domestic equity market front, the 30-share Sensex was trading 63.2 points or 0.11 per cent lower at 55,044.14, while the broader NSE Nifty slipped 23.65 points or 0.14 per cent to 16,392.70.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.24 per cent to 102.56. Global oil benchmark Brent crude futures advanced 0.07 per cent to USD 120.66 per barrel.