Rupee rises 11 paise to 82.48 against dollar in early trade

After a decline in crude oil prices and strong Asian currencies, the rupee maintained its upward trend and increased 11 paise to 82.48 against the US dollar in early trading on Monday.

According to traders, the rupee's growth was restrained by the strong dollar and unfavourable market sentiment on both the international and domestic equity markets.

The native currency at the interbank foreign exchange started off stronger than the US dollar at 82.48 before falling to 82.52. It increased further, rising by 11 paise to 82.48.

The Indian currency traded between 82.46 and 82.55. On Friday, the rupee settled at 82.59 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.16 per cent higher at 103.87.

Global oil benchmark Brent crude futures fell 0.52 per cent to USD 72.59 per barrel.

The broad NSE Nifty was down 158.05 points or 0.92 percent at 16,942.00 points, while the 30-share BSE Sensex was trading 461.61 points or 0.80 percent lower at 57,528.29 points.

Investor morale was negatively impacted by recent trading in US and European banking stocks amid worries about the state of the global banking system.

According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,766.53 crore on Friday, making them net sellers in the domestic capital market.

With inputs from Agencies.