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Rupee rises to 82.73 vs dollar — key factors affecting the movement

Rupee rises to 82.73 vs dollar — key factors affecting the movement

Rupee rises to 82.73 vs dollar — key factors affecting the movement
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By Asmita Pant  Nov 1, 2022 11:07:39 AM IST (Updated)

Indian Rupee vs Dollar: The domestic currency extended gains against the US dollar on Tuesday, rising five paise from its previous close in the early trade.

Rupee rose five paise from its previous close to 82.73 on Tuesday amid easing greenback. However, rise in global crude oil benchmarks capped the gains in the currency.

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Factors impacting the rupee:
- Brent crude futures up at $93.6
- Dollar index down 0.2 percent at 111.2
- Equities extend gains, Nifty50 surpasses 18,100 in opening trade
- FII were net buyers on Monday, with a  buy figure of Rs 4,178 crore
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was trading 0.2 percent lower at 111.2 at the last count.
Crude oil prices rose on Tuesday with Brent crude futures rising 0.8 percent to $93.6 per barrel at the last count. WTI futures were last trading 0.6 percent higher at $87 per barrel.
"82.00 to 81.80 remains a strong support for the USD-INR pair, a break-down below the same can change the trend (Chances are 20-25%). On the flip side, 83.20 will remain a near-term resistance around which RBI intervention can be expected. With the bias-ness of the pair on the upside, but sentiments driving the markets, we suggest strictly adhering to the hedging policy," said Amit Pabari, Managing Director at CR Forex Advisory.
Indian equity benchmarks BSE Sensex and NSE Nifty50 held on to initial gains after a gap-up start on Tuesday amid gains in financial and IT shares.
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