Rupee rises 4 paise to 81.83 against US dollar in early trade

The rupee gained 4 paise to 81.83 against the US dollar in early trade on Tuesday, May 9, 2023. The currency lowered by 2 paise to settle at 81.80 against the US dollar.

The dollar index — which gauges the dollar against six currencies other than the rupee — was last seen trading 0.06 per cent higher at 101.22. The index compares the dollar to the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc, and the euro.

Brent crude futures, the global oil benchmark, fell 0.34 per cent to $76.75 per barrel.

In the domestic equity market, the 30-share BSE Sensex advanced 196.74 points or 0.32 per cent to 61,960.99. The broader NSE Nifty rose 58.90 points or 0.32 per cent to 18,323.10.

"We got as far as the first challenge of 81.8, but without a break momentum failed to kick in. We will go in today expecting the same, aiming 81.97-82.07, as long as dips do not stretch beyond 81.70. Meanwhile, a close below 81.55 could expose 80.85 as maintained last week," commented Anand James, chief market strategist at Geojit Financial Services.