Advertisement
Friday, Dec 03, 2021
Outlook.com
Outlook.com

Rupee Rises 24 Paise To 74.77 Against US Dollar In Early Trade

At the interbank forex market, the local unit opened at 74.81 against the US dollar, then gained some strength to quote at 74.77, a rise of 24 paise over its last close.

Rupee Rises 24 Paise To 74.77 Against US Dollar In Early Trade
The rupee started on a stronger note against the greenback tracking the decline in the dollar and positive equity markets | File photo
Rupee Rises 24 Paise To 74.77 Against US Dollar In Early Trade
outlookindia.com
2021-04-26T10:54:00+05:30

The Indian rupee advanced by 24 paise to 74.77 against the US dollar in opening trade on Monday, tracking weaker dollar against key rival currencies and a positive trend in the domestic equity market.

At the interbank forex market, the local unit opened at 74.81 against the US dollar, then gained some strength to quote at 74.77, a rise of 24 paise over its last close.

 In the previous session, the rupee had settled at 75.01 against the American currency.

 The rupee started on a stronger note against the greenback tracking the decline in the dollar and positive equity markets, Reliance Securities said in a research note.

 Moreover, Asian currencies were mostly stronger this morning and could lift sentiments back home, the note added.

 Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.18 per cent to 90.69, ahead of the meeting of the US Federal Reserve this week.

 "The Fed's next meeting ends on Wednesday, and while no major policy changes are expected, investors will pay close attention to US Federal Reserve Chairman Jerome Powell's comments after the meeting," the note said.

 Meanwhile, global oil benchmark, Brent crude futures, fell 0.38 per cent to USD 65.86 per barrel.

 On the domestic equity market front, the BSE Sensex was trading 763.25 points or 1.59 per cent higher at 48,641.70 in early deals, while the broader NSE Nifty rose 210.55 points or 1.47 per cent to 14,551.90.

 Foreign institutional investors were net sellers in the capital market on Friday as they sold shares worth Rs 1,360.76 crore, as per exchange data.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Kashmir Statehood: Omar Abdullah Goes All Guns Blazing In Jammu Road Shows

Kashmir Statehood: Omar Abdullah Goes All Guns Blazing In Jammu Road Shows

National Conference leader Omar Abdullah hit the road and held multiple rallies in Jammu in a first since the abrogation of Article 370 despite no elections in sight in J&K.

Beasts Of Burden: Why Maharashtra Farmers Are Abandoning Their Cattle

Beasts Of Burden: Why Maharashtra Farmers Are Abandoning Their Cattle

With farmers in Maharashtra reeling under crop failures and mounting debts, rearing milch cattle has not remained a profitable option.

Mumbai Test: Kohli Returns But India Face Selection Conundrum

Mumbai Test: Kohli Returns But India Face Selection Conundrum

With Virat Kohli making a return and rain forecast in Mumbai, India will be forced to make changes. Here's a look at India's likely XI.

Maharashtra Farmers Look For 'Love' Amid Continued Woes And Degrading Social Status

Maharashtra Farmers Look For 'Love' Amid Continued Woes And Degrading Social Status

Maharashtra’s social fabric is undergoing a tough change. While the sons of farmers are finding it an uphill task to get brides, their sisters do not want farmers as husbands.

Advertisement