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The rupee appreciated by 24 paise to 82.08 against the US currency in early trade on Wednesday due to a weak dollar in overseas markets and forex inflows.
At the interbank foreign exchange market, the rupee opened higher at 82.08 against the US dollar and moved in a narrow range of 82.04 to 82.10 later in early deals.
The local unit was trading at 82.08 to a dollar at 9.35 AM. It had closed at 82.32 on Monday. Forex markets were closed on Tuesday for Mahavir Jayanti.
Meanwhile, the dollar index declined 0.03 per cent to 101.56 after a weak set of economic data bolstered expectations of the end of US Fed rate hike cycle.
Oil prices also moved in a narrow range in early Asian trade on Wednesday as weak US economic data weighed on the demand scenario despite a surprise production announced by oil cartel OPEC and its allies.
Back home, investors are likely to remain cautious ahead of RBI's monetary policy decision. On Monday, RBI's Monetary Policy Committee started its three-day meeting amid expectations that the central bank may go for a 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022.
BSE Sensex rose by 240 points or 0.41 per cent to 59,346.52 while NSE Nifty advanced 61.20 points or 0.35 per cent to 17,459.25.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth ₹321.93 crore, according to exchange data.
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