Rupee gains 7 paise to 84.22 as FIIs break selling spree; equities rally

The rupee appreciated by 7 paise to 84.22 against the US dollar successful greeting commercialized connected Tuesday, buoyed by a crisp rebound successful home equities and improved capitalist hazard appetite.

Forex traders attributed the rupee’s spot to the MSCI equity scale rebalancing, which spurred Foreign Institutional Investors (FIIs) to acquisition Rs 9,947 crore worthy of shares connected Monday, ending a 40-session streak of nett selling.

Additionally, the incumbent government's triumph successful Maharashtra bolstered capitalist confidence, driving a rally successful Indian equity markets.

At the interbank forex market, the rupee opened astatine 84.27, trading wrong a constrictive scope earlier hitting an aboriginal precocious of 84.22 against the dollar.

"Capital inflows and the Reserve Bank of India's projected GDP rebound to 7.6 per cent for Q3 supply optimism, though volatility remains a concern," said Amit Pabari, MD astatine CR Forex Advisors.

Globally, US Treasury Secretary nominee Scott Bessent's fiscal docket kept Treasury yields successful check, portion the dollar scale roseate 0.28 per cent to 107.11.

In home markets, Sensex climbed 167.76 points to 80,277.61, and Nifty gained 55.80 points to 24,277.70 successful aboriginal trade. Brent crude was up 0.33 per cent astatine USD 73.25 per barrel.

(With inputs from agencies)