Advertisement
Wednesday, Dec 08, 2021
Outlook.com
Outlook.com

Rupee Rises 12 Paise To 74.15 Against US Dollar In Early Trade

On Thursday, the rupee had settled at 74.27 against US dollar.

Rupee Rises 12 Paise To 74.15 Against US Dollar In Early Trade
| Representational Image
Rupee Rises 12 Paise To 74.15 Against US Dollar In Early Trade
outlookindia.com
2020-11-20T11:35:39+05:30

The rupee appreciated 12 paise to 74.15 against the US dollar in opening trade on Friday, supported by positive opening in domestic equities and weakness in American currency.

At the interbank forex market, the domestic unit opened at 74.15 against the US dollar, registering a rise of 12 paise over its previous close.

On Thursday, the rupee had settled at 74.27 against US dollar.

Traders said sustained foreign fund inflows into the domestic equity markets also helped the local unit.

"Investment into the domestic equity and debt markets has already crossed USD 6 billion this month and there is still about one week of trading left in the month," Reliance Securities said in a research note.

"However, these flows are being continuously mopped up by the central bank, which could limit appreciation bias of the local unit," the research note said adding that markets are also factoring in that the US Federal Reserve may further loosen monetary policy in December as fiscal stimulus plans remaining uncertain.

The US Fed’s next meeting is scheduled between December 15 and 16.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent down at 92.28 amid reports that US Senate Republican leaders have agreed to resume negotiations on another coronavirus stimulus package.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 196.78 points higher at 43,796.74 and broader NSE Nifty surged 61.80 points to 12,833.50.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,180.61 crore on a net basis on Thursday, according to provisional exchange data.

 Brent crude futures, the global oil benchmark, rose 0.29 per cent to USD 44.33 per barrel.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Why A Democratic India Must Junk Draconian AFSPA

Why A Democratic India Must Junk Draconian AFSPA

Experts believe the AFSPA has caused more harm to the Indian State in insurgency-hit areas than mitigating problems. Here’s why.

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

It may be time for India to uphold human dignity, take a hard look at some of its regressive laws like AFSPA which includes Special Laws that authorises detention without trial.

Ashes 2021-22: Australia Start Favourites - Statistical Preview

Ashes 2021-22: Australia Start Favourites - Statistical Preview

The Gabba has been like a fortress for Australia in the Ashes. The Aussies have a 12-4 win-loss record in Brisbane and they will do everything to protect that record.

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Has the AFSPA become an ideological Act, a tool to revise Kashmir history? Many analysts believe so.

Advertisement