The rupee gained 31 paise to 81.51 against the US dollar in early trade on Tuesday due to weakening of the dollar in foreign markets and strong buying in domestic stock markets.
However, currency traders said a rise in international crude oil prices showed little impact on the rupee’s strength.
In the inter-bank foreign exchange market, the rupee opened with strength at 81.66 and within a short time it also achieved the level of Rs 81.51 per dollar. The rupee saw an increase of 31 paise as compared to the previous trading day.
On Monday, the rupee had declined by 42 paise to close at 81.82 per dollar.
In the domestic equity market, the BSE Sensex made a strong jump of more than 1,000 points as soon as trading started. Similarly, NSE Nifty also saw a strong gain of more than 300 points.
Meanwhile, the dollar index, which measures the dollar’s strength against the world’s major currencies, declined 0.14 per cent and slipped to 111.58.
International oil benchmark Brent crude rose 0.46 per cent to $89.27 per barrel.
Foreign institutional investors had made huge withdrawals from the Indian markets on Monday. According to available data, foreign investors sold shares worth Rs 590.58 crore.
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