Updated February 23rd, 2024 at 12:14 IST

Rupee steady at 82.85 against dollar, foreign fund outflow persists

Positive sentiment in the equity markets and a weaker American currency provided some support to the rupee.

Reported by: Business Desk
Rupee steady at 82.85 against dollar | Image: Unsplash
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Rupee steady against dollar: The rupee traded flat at 82.85 against the US dollar in early trading on Friday, as foreign fund outflows and volatile crude oil prices overseas weighed on the currency. Despite this, positive sentiment in the equity markets and a weaker American currency provided some support to the rupee, according to forex traders.

Opening at 82.87 at the interbank foreign exchange, the rupee edged up to the previous day's closing level of 82.85 against the greenback. The currency had gained 11 paisa to close at 82.85 on Thursday, marking a cumulative 19-paise increase over the previous four sessions since February 15, when it closed at 83.05 against the dollar.

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Key data awaited 

The dollar index, which measures the dollar's strength against a basket of six currencies, was trading 0.02 per cent lower at 103.85, indicating a slight retreat for the greenback. Analysts attributed this to investors' cautious stance ahead of key US manufacturing, employment, and home sales data.

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Meanwhile, Brent crude futures, the global oil benchmark, fell 0.42 per cent to $83.32 per barrel, adding to the market's volatility.

In domestic markets, the BSE Sensex was up 104.66 points, or 0.14 per cent, at 73,262.90 points, while the NSE Nifty rose 34.45 points, or 0.16 per cent, to 22,252.90 points. The Nifty had closed Thursday's session at a record high of 22,217.45 points.

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Foreign Institutional Investors (FIIs) remained net sellers in the capital markets on Thursday, offloading shares worth Rs 1,410.05 crore, as per exchange data.

(with PTI inputs)

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Published February 23rd, 2024 at 10:38 IST