Rupee nearly unchanged at 81.72 against US dollar

The rupee barely changed on Monday to 81.72 against the US dollar in early trade. Stock market was closed on Friday, May 5, on the account of Buddha Purnima. The currency edged up by 2 paise to settle at 81.78 against the US dollar on Thursday, May 4.

The dollar index — which gauges the dollar against six currencies other than the rupee — was last seen trading 0.08 per cent lower at 100.92. 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, advanced 0.23 per cent to $75.473 per barrel.

In the domestic equity market, the 30-share BSE Sensex advanced 431.68 points or 0.71 per cent to 61,485.97. The broader NSE Nifty rose 116.35 points or 0.64 per cent to 18,183.95.

"Momentum continues to be missing. But feeble upside bias persists as long as above 81.6 with prospects of gaining momentum, if above 81.8. Meanwhile, a close below 81.55 could expose 80.85 as maintained last week," commented Anand James, chief market strategist at Geojit Financial Services.

India's foreign exchange reserves jumped $4.532 billion to $588.78 billion for the week ended April 28, the Reserve Bank of India said on Friday. The overall reserves had dropped $2.164 billion to $584.248 billion in the previous week.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 777.68 crore, according to exchange data.