Rupee rises 5 paise to 73.80 against US dollar in early trade

May 05, 2021 11:24 am | Updated 11:24 am IST - Mumbai

The Indian rupee opened on a flat note and advanced by 5 paise to 73.80 against the US dollar in opening trade on Wednesday as investors focused on RBI Governor's speech.

At the interbank forex market, the local unit opened at 73.80 against the US dollar, reflecting a rise of 5 paise over its last close. The local unit also touched a low of 73.86 in initial deals.

On Tuesday, the rupee had settled at 73.85 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 % to 91.20.

Investors are focusing on the RBI Governor press conference. RBI has been in the process of assessing the exact impact of the COVID second wave, Kshitij Purohit, Lead International Products & Commodities at CapitalVia Global Research, said.

Governor Shaktikanta Das said RBI will continue to monitor situation from the resurgence of COVID-19 cases and will deploy all resources. "We have to marshal our resources for fighting the virus with vigour," he said.

The Governor also announced ₹ 50,000 crore priority lending by banks for hospitals and oxygen suppliers, among others by March 31, 2022.

A record 3,780 fresh COVID-19 fatalities were registered in a single day in India taking the death toll to 2,26,188, while 3,82,315 new coronavirus infections were recorded, according to the Union Health Ministry data updated on Wednesday.

Global oil benchmark Brent crude futures rose 0.71 % to $ 69.37 per barrel.

On the domestic equity market front, BSE Sensex was trading 169.95 points or 0.35 % higher at 48,423.46 while the broader NSE Nifty rose 52.10 points or 0.36 % to 14,548.60.

Foreign institutional investors were net sellers in the capital market on Tuesday as they sold shares worth ₹ 1,772.37 crore, as per exchange data.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.