The rupee strengthened by 26 paise to 81.67 against the US dollar in early trade on Thursday due to the fall in the US dollar from higher levels. On the Interbank Foreign Exchange, the domestic unit opened at 81.72 against the dollar, then recovered to 81.67, registering a rise of 26 paise from its previous close.
The rupee strengthened in early trade on broad-based dollar weakness. IFA Global Research Academy said in a research note that it is likely to trade in the range of 81.55-81.85 with sideways price action. The dollar index fell 0.41 percent to 105.63 against a basket of six currencies followed by weak US data and the release of Fed minutes.
According to the IFA Global Research Academy, "Minutes of the Fed's latest meeting indicated that most Fed members were in favor of slowing the pace of rate hikes, but 'various' Fed members preferred to hold rates as well.
The US dollar fell after the release of the minutes of the FOMC meeting on Wednesday, according to Ravindra Rao, the analyst at Kotak Securities. This was earlier than expected, indicating that most policymakers were with a view of slower rate hikes as the Fed's recent accommodative stance has hurt economic growth.
In the previous session, the US dollar index closed near the day's low of 106.03, a loss of over 1%. Although the Fed's minutes signaled an end to the jumbo rate hikes, policymakers appeared uncertain about when the rate hikes would end. A small rate hike by the Fed is positive for risk-averse as well as haven assets like gold as it supports dollar weakness.
Global oil benchmark Brent crude futures fell 0.21 percent to $85.23 a barrel. In the domestic equity market, the 30-share BSE was trading 180.14 points or 0.29 percent higher at 61,690.72. Similarly, the broader NSE Nifty rose 66.50 points, or 0.36 percent, to 18,333.75. Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, selling shares worth a total of Rs 789.86 crore, according to exchange data.
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