Tuesday, December 1, 2020
Home BUSINESS Markets Rupee rises 14 paise to 74.52 against U.S. dollar in early trade

Rupee rises 14 paise to 74.52 against U.S. dollar in early trade

The rupee appreciated 14 paise to 74.52 against the U.S. dollar in early trade on July 6 tracking weakness in the greenback and gains in the domestic equity market.

Forex traders said positive equities, steady crude oil prices, foreign fund inflows and weak U.S. currency supported the local unit.

The rupee opened at 74.53 against the U.S. dollar, then gained some ground and touched 74.52 against U.S. dollar, registering a jump of 14 paise over its previous close.

It had settled at 74.66 against the greenback on July 3.

“Cues from Asia remained firm as most Asian currencies have started with gains against the U.S. dollar this Monday morning against the greenback,” Reliance Securities said in a research note.

“We could witness further appreciation of the currency supported by gains in equities, steady crude oil prices, Reserve Bank of India shying away from buying dollars and weak U.S. currency, it added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22% to 96.96.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 418.71 points higher at 36,440.13 and broader NSE Nifty rose 138.05 points to 10,745.40.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹857.29 crore on July 3, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.56% to $43.04 per barrel.

You have reached your limit for free articles this month.

To get full access, please subscribe.

Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.

Briefing

We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

HSE Interview Questions & Answers

What is Safety? The condition of being protected from or unlikely to cause danger, risk, or injury is Called Safety. What is the accident? It is an...

Putham Pudhu Kaalai trailer: Five Tamil filmmakers bring five stories of love in the time of Covid-19

The trailer of Amazon Prime’s upcoming Tamil film Putham Pudhu Kaalai was unveiled on Monday by filmmaker Mani Ratnam and composer A.R Rahman. Tamil...

Samsung Galaxy S20 FE Set to Launch in India Tomorrow

Samsung Galaxy S20 FE is set to launch in India on Tuesday, October 6, the company confirmed to Gadgets 360. The phone debuted globally...