Markets

Rupee inches 2 paise higher at 74.27 against U.S. dollar in early trade

Image for representative purposes only.   | Photo Credit: C. Venkatachalapathy

The Indian rupee opened on a flat note and inched higher by 2 paise to 74.27 against the U.S. dollar in early trade on July 30 amid a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 74.30 against the dollar, then inched higher to 74.27, registering a gain of 2 paise over its previous close.

On July 29, the rupee had settled at 74.29 against the U.S. dollar.

“Regional currencies have started marginally weaker against the Dollar early Friday morning, while crude remained strong and could keep appreciation bias limited,” Reliance Securities said in a research note.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11% up at 91.96.

On the domestic equity market front, BSE Sensex was trading 72.70 points or 0.14% higher at 52,725.77, while the broader NSE Nifty advanced 26.55 points or 0.17% to 15,805.

Forex traders said foreign fund outflows and firm crude oil prices could weigh on investor sentiment and cap the appreciation of the local unit.

Foreign institutional investors were net sellers in the capital market on July 29 as they offloaded shares worth ₹866.26 crore, as per exchange data.

Global oil benchmark Brent crude futures fell 0.53% to $75.65 per barrel.


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Printable version | Sep 22, 2021 2:55:33 PM | https://www.thehindu.com/business/markets/rupee-inches-2-paise-higher-at-7427-against-us-dollar-in-early-trade/article35620390.ece

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