Rupee opens on flat note, rises 3 paise to 73.14 against U.S. dollar in early trade

On Tuesday, the rupee depreciated 15 paise.

The rupee opened on a flat note and appreciated 3 paise to 73.14 against the U.S. dollar in opening trade on Wednesday tracking most Asian currencies amid concerns about more lockdowns in major economies.

At the interbank forex market, the domestic unit opened at 73.16 against the U.S. dollar and inched higher to 73.14 against the greenback, registering a rise of just 3 paise over its previous close.

On Tuesday, the rupee depreciated 15 paise to settle at 73.17 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06% to 89.48.

“Rising COVID-19 infections could push investors towards the safe haven appeal of the U.S. dollar and cap gains for the domestic unit,” Reliance Securities said in a research note.

However, foreign portfolio investor (FPI) flows into the domestic equity markets could cap losses, it added.

Further, most Asian currencies were weak against the greenback this morning and could weigh on sentiments, traders said.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 33.65 points lower at 48,404.13, and the broader NSE Nifty was down 10.20 points at 14,189.30.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth โ‚น 986.30 crore on a net basis on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.52% to USD 53.88 per barrel.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.


A one-stop-shop for seeing the latest updates, and managing your preferences.


We brief you on the latest and most important developments, three times a day.

Support Quality Journalism.

*Our Digital Subscription plans do not currently include the e-paper, crossword and print.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.