The rupee gained ground early on Tuesday even as the dollar firmed but remained below its two-decade peak, with investors eyeing the Federal Reserve meeting later this week to understand the rate hike path.
PTI reported that the rupee gained 13 paise to 79.68 against the US dollar in early trade.
Bloomberg quoted the domestic currency last at 79.6800, after opening at 79.6862, compared to Monday’s close of 79.7725.
That even as investors braced for the Federal Reserve to continue its aggressive interest-rate-hiking campaign to reign in runaway inflation, pushing the dollar to hold steady on Tuesday against major rivals, but below a two-decade high.
The dollar index, which compares the value of the greenback against six other major currencies, was flat at 109.53, below the high hit earlier this month of 110.79, a level not reached since June 2002.