Rupee gains 7 paise to 83.44 against US dollar in early trade
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Synopsis
Rupee appreciated 7 paise to 83.44 against the US dollar, influenced by domestic equity markets and lower crude oil prices. The currency rebounded from a decline post-election results showing less-than-expected majority for the BJP-led NDA.
On Tuesday, the domestic currency settled at 83.51 against the dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent higher at 104.14.
Brent crude futures, the global oil benchmark, slipped 0.03 per cent to USD 77.50 per barrel.
On the domestic equity market, the 30-share BSE Sensex climbed 172.89 points to 72,251.94 in early trade. The NSE Nifty went up 39.25 points to 21,923.75.
Both the indices ended more than 6 per cent lower on Tuesday amid fear selling after the counting of votes showed disappointing results for the BJP-led NDA in the Lok Sabha elections with the alliance facing losses in its strongholds in the Hindi heartland, although it is expected to form the government with about 290 seats.
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Foreign investors were net sellers of Indian equities on Monday as they offloaded shares worth Rs 12,436.22 crore on a net basis. FIIs bought shares worth Rs 26,776.17 crore and sold equities worth Rs 39,212.39 crore in the cash segment.
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