Markets

Rupee rises 8 paise to 72.54 against U.S. dollar in early trade

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 % to 92.71.  

The Indian rupee appreciated 8 paise to 72.54 against the U.S. dollar in early trade on June 1 amid improved risk appetite and the broad weakness of the greenback in the overseas market.

At the interbank foreign exchange, the domestic unit opened at 72.57 against the dollar, then inched higher to 72.54, registering a gain of 8 paise over its previous close.

On May 31, the rupee had settled at 72.62 against the U.S. dollar.

The rupee started on a flat to stronger note this Tuesday against the dollar, tracking the overall weakness of the dollar. Absence of RBI and improved risk appetite in the region could lend support to the currency, Reliance Securities said in a research note.

Most Asian currencies have started mostly flat to stronger against the U.S. dollar this morning and could aid the local unit, the note added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03% to 89.80.

Global oil benchmark Brent crude futures rose 1.24% to $70.18 per barrel.

On the domestic equity market front, BSE Sensex was trading 40.85 points or 0.08% higher at 51,978.29, while the broader NSE Nifty fell 5.30 points or 0.03% to 15,577.50.

Foreign institutional investors were net buyers in the capital market on May 31 as they purchased shares worth ₹2,412.39 crore, as per exchange data.

On the marco-economic front, India’s economy contracted by less-than-expected 7.3% in the fiscal year ended March 2021 after growth rate picked up in the fourth quarter, just before the world’s worst outbreak of coronavirus infections hit the country.


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Printable version | Jul 24, 2021 1:55:22 AM | https://www.thehindu.com/business/markets/rupee-rises-8-paise-to-7254-against-us-dollar-in-early-trade/article34695177.ece

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