Markets

Rupee surges 29 paise to 74.84 against U.S. dollar in early trade

Representational image.   | Photo Credit: P.V. Sivakumar

The rupee recovered 29 paise to 74.84 against the U.S. dollar in opening trade on December 1, as positive domestic equities and a weak American currency in the overseas markets boosted investor sentiments.

At the interbank foreign exchange, the rupee opened at 74.96, and surged higher to 74.84 against the American dollar, registering a rise of 29 paise in the early deals.

The rupee continued its losing run for the fourth day on November 30, dropping by 6 paise to 75.13 against the U.S. dollar, as investor concerns grew over the fresh impact of the new Covid variant on the economy.

The rupee has been under pressure over the last few trading sessions, as the detection of a new coronavirus variant re-ignited growth concerns and hurt risk appetite.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06% to 95.93.

On the domestic equity market front, the 30-share Sensex was trading 376.76 points or 0.66% higher at 57,441.63, while the broader NSE Nifty jumped 111.65 points or 0.66% to 17,094.85.

Global oil benchmark Brent crude futures declined 3.91% to $70.57 per barrel.

Foreign institutional investors were net sellers in the capital market on November 30, as they offloaded shares worth ₹5,445.25 crore, according to exchange data.

On the macro-economic front, the Indian economy remained on track to post the fastest growth among major economies this year, as its GDP expanded by a better-than-expected 8.4% in the July-September quarter to cross pre-pandemic levels.

Meanwhile, the Union Government’s fiscal deficit was 36.3% of the budget estimates at the end of October 2021, on the back of improvement in revenue collection, according to the data released by the Controller General of Accounts (CGA) on November 30.


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Printable version | Jan 24, 2022 2:24:31 AM | https://www.thehindu.com/business/markets/rupee-surges-29-paise-to-7484-against-us-dollar-in-early-trade/article37783527.ece

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