Rupee Rises Slightly To 82.78, Up 4 Paise As Dollar Retreats
The rupee gained a touch in early trade on Thursday as the dollar retreated slightly on solid US economic data, which cheered risk assets overnight.
Bloomberg showed the rupee was last at 82.7825 per dollar, compared to Wednesday's close of 82.8188.
According to PTI, the domestic currency rose 10 paise to 82.74 against the US dollar in opening trade.
"All Asian currencies were up against the dollar. But the rupee fell in the NDF (non-deliverable forward) markets to 82.87 as demand from importers continued to hit the rupee," said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors.
"While the USDINR was weak, it has not been able to cross the 83.00 per level so far as the RBI offers $ to keep it stable. Despite a rise in Asian currencies the USD/INR pair has been unable to fall due to demand," he added.
While a pullback in the dollar helped the rupee somewhat, a rise in crude prices would cap gains as the country depends on imports for over three-fourth of its needs.
Despite a significant snowstorm predicted to cover much of the United States and reduce demand for fuel for transportation, oil prices rose after data revealed a larger-than-expected draw in US crude stockpiles.