In line with the overnight weakening of the dollar, the rupee began the day with a gap-up move, according to Sriram Iyer, Senior Research Analyst at Reliance Securities.
Digital Desk: Early on Monday, the rupee appreciated against the dollar by 23 paise to 82.12 amid rising local stocks and falling crude oil prices.
The domestic currency rose 23 paise from its previous close to touch 82.12 at the interbank foreign exchange, from where it had begun at 82.14 against the dollar.
The rupee increased by 53 paise on Friday to end the day at 82.35 against the US dollar.
In line with the overnight weakening of the dollar, the rupee began the day with a gap-up move, according to Sriram Iyer, Senior Research Analyst at Reliance Securities.
However, after Chinese officials on the weekend restated their commitment to a rigorous COVID management stance and potentially curb appreciating bias of the local unit, most Asian and developing market peers declined versus the dollar early Monday morning, Iyer added.
The US inflation rate report and multiple statements by Fed officials will be this week's major currency movers.
The US midterm elections will also be a significant market catalyst. This week's CPI and IIP statistics in India will be a crucial catalyst for the domestic markets.
The dollar index, which measures the strength of the dollar against a basket of six different currencies, increased 0.19 percent to 111.08.
The benchmark for world oil, Brent crude futures, fell 1.04 percent to USD 97.54 a barrel.
The 30-share BSE Sensex was up 81.6 points, or 0.13 percent, at 61,031.96 on the domestic equity market. The larger NSE Nifty index also increased, rising 52.50 points, or 0.29 percent, to 18,169.65.
According to exchange data, Foreign Institutional Investors (FIIs) were net buyers on Friday in the capital markets, buying shares worth Rs 1,436.25 crore.
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