Rupee rises 7 paise to 76.09 against US dollar in early trade

It had settled at 76.16 against the greenback on Wednesday.

The rupee appreciated 7 paise to 76.09 against the US dollar in early trade on Thursday tracking weak US dollar and gains in the domestic equity market.

Forex traders said rupee was trading in a narrow range as positive domestic equities and weak US currency supported the local unit, while rising coronavirus cases, border tension with China and foreign fund outflows capped the gains.

The rupee opened at 76.17 against the US dollar, gained further ground, and touched 76.09 against the US dollar, up 7 paise over its previous close.

It had settled at 76.16 against the greenback on Wednesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16% to 97.

The 30-share BSE benchmark Sensex was trading 92.12 points higher at 33,600.04 and broader NSE Nifty rose 37 points to 9,918.15.

Foreign institutional investors were net sellers in the capital market as they sold shares worth ₹ 486.62 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.52% to USD 40.50 per barrel.

Meanwhile, investor sentiment remained fragile amid rising coronavirus cases across the world.

The number of cases around the world linked to the disease has crossed 83.49 lakh and the death toll has topped 4.48 lakh.

In India, the death toll due to COVID-19 rose to 12,237 and the number of infections spiked to 3,66,946, according to the health ministry.