Markets

Rupee rises 13 paise to 75.67 against U.S. dollar in early trade

Representational image

Representational image   | Photo Credit: V. Sudershan

Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.

The rupee appreciated 13 paise to 75.67 against the U.S. dollar in early trade on Thursday tracking positive opening of domestic equities.

Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.70, then gained ground to touch 75.67, registering a rise of 13 paise over its previous close.

On Wednesday, the rupee had settled at 75.80 against the dollar.

Domestic bourses were trading on a positive note with the benchmark Sensex trading 167.27 points higher at 30,985.88 and broader Nifty rising 57.20 points to 9,123.75.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21% up at 99.33.

Traders said investor sentiments remained fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

In India, the death toll due to COVID-19 rose to 3,435 and the number of cases climbed to 1.12 lakh, according to the health ministry.

The number of cases around the world linked to the disease has crossed over 49.99 lakh and the death toll has topped 3.28 lakh.

Meanwhile, foreign institutional investors were net sellers in the capital market, as they sold equity shares worth ₹1,466.52 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.40% to USD 36.25 per barrel.

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Printable version | May 31, 2020 10:02:49 AM | https://www.thehindu.com/business/markets/rupee-rises-13-paise-to-7567-against-us-dollar-in-early-trade/article31638628.ece

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