Advertisement
Friday, Oct 22, 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

Global Hunger Index Might Not Be Flawless But India Still Needs To Take It As Warning

Global Hunger Index Might Not Be Flawless But India Still Needs To Take It As Warning

The Centre has reacted angrily at the new Global Hunger Index, but experts say it should plug loopholes in the food delivery system.

Didi's 2-Day Goa Trip Not A 'Vacation' As TMC Pitches For 'Gonychi Navi Sakal'

Didi's 2-Day Goa Trip Not A 'Vacation' As TMC Pitches For 'Gonychi Navi Sakal'

West Bengal Chief Minister Mamata Banerjee's visit comes as the TMC appoints former Goa chief minister Luizinho Faleiro as a national vice president.

'Suspended' Old Trafford Test Rescheduled To July 2022

'Suspended' Old Trafford Test Rescheduled To July 2022

ECB announced that the game has been moved to Edgbaston and will be part of India's white-ball tour. The match will begin on July 1.

100 Crore Shots: How Modi Govt Scored Its Vaccination Goal In 280 Days

100 Crore Shots: How Modi Govt Scored Its Vaccination Goal In 280 Days

Prime Minister Narendra Modi described the feat as 'a journey from anxiety to assurance' that has made India stronger.

Advertisement