The rupee is trading in a narrow range against the US dollar in early trade

The rupee started a steady note on Tuesday, tracking the dollar’s strength in overseas markets and higher crude oil prices.

In interbank foreign exchange, the rupee opened at 75.54 against the US dollar and moved in a narrow range. Touched an early high of 75.47 in initial trades.

On Monday, the rupee started the 2022-23 fiscal year in an upward trend. It rose by 21 pounds to close at a one-month high of 75.53 against the US dollar.

Meanwhile, global benchmark Brent crude futures rose 1.27 percent to $108.90 a barrel as geopolitical uncertainty caused by the prolonged conflict in Ukraine persisted.

The dollar index, which measures the strength of the US currency against a basket of six currencies, rose 0.03 percent to 99.02 as the prospect of increased sanctions on Russia pushed investors to safety in the US currency.

On the local stock market front, the 30-share Sensex traded 248.08 points, or 0.41 percent, at 60363.66, while the broader NSE Nifty shed 55.45 points, or 0.31 percent, to 17,997.95.

Foreign institutional investors remained net buyers in the capital market on Monday, buying shares worth Rs 1,152.21 crore, according to stock exchange data.

“Oil return near 110 and the lower open of USD-INR at 75.45 indicates the amount of inflows into the system. The range from 75.20 to 75.60 as we await the minutes of the US Federal Reserve meeting scheduled for Wednesday and the decision of the MPC meeting on April 8,” Anil Kumar Bhansali, Chief Treasury Officer at Finrex Treasury Advisors said.

Bhansali also noted that “the fighting in Ukraine appears to have subsided for the time being, but could erupt as the West continues to impose sanctions on Russia.

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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