Rupee rises 7 paise to 73.10 against U.S. dollar in early trade


On Tuesday, the rupee had settled at 73.17 against the American currency.

The rupee appreciated by 7 paise to 73.10 against the U.S. dollar in opening trade on Wednesday, as positive domestic equities and the American currency trading lower in the overseas market lifted investor sentiment.

At the interbank forex market, the domestic unit opened at 73.11 against the US dollar and inched higher to 73.10 against the greenback, registering a rise of 7 paise over its previous close.

On Tuesday, the rupee had settled at 73.17 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14% to 90.37.

“The US Dollar Index is trading marginally lower this Wednesday morning in Asian trade after big spending talk from US Treasury Secretary nominee Janet Yellen,” Reliance Securities said in a research note.

Meanwhile, markets will await the Reserve Bank of India’s open market operation on Thursday. The RBI will conduct an outright OMO worth โ‚น 100 billion on Thursday, in which it will buy the 2024, 2027 papers along with the benchmark bond, the note added.

Traders further said the investor focus would be on U.S. President Joe Biden’s inauguration ceremony.

The Euro and the Sterling were flat to marginally higher against the U.S. Dollar this Wednesday morning in Asian trade.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 185.11 points higher at 49,583.40, and the broader NSE Nifty was up 58.30 points at 14,579.45.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth โ‚น 257.55 crore on a net basis on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.59 % to $ 56.23 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.

Dashboard

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

Briefing

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.