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Indian rupee inches 8 paise higher to 73.75 against US dollar in early trade

Forex traders said rupee is trading in a narrow range as weakness of Asian currencies, firm crude oil prices and strong dollar weighed on the domestic unit.

September 28, 2021 / 10:50 AM IST
Representative image

Representative image

The Indian rupee appreciated 8 paise to 73.75 against the US dollar in opening trade on Tuesday, tracking positive domestic equities.

Forex traders said rupee is trading in a narrow range as weakness of Asian currencies, firm crude oil prices and strong dollar weighed on the domestic unit.

At the interbank foreign exchange, the rupee opened at 73.79 against the dollar, then edged higher to 73.75, up 8 paise over its previous close.

On Monday, the rupee had settled at 73.83 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 percent to 93.44.

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The Indian rupee opened on a flat note this Tuesday morning against the dollar, tracking the strength of the greenback and strong crude oil prices, Reliance Securities said in a research note.

Moreover, most emerging market and Asian currencies have started weaker this Tuesday morning and will weigh on sentiments, the note added.

Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 594.63 crore, as per exchange data.

On the domestic equity market front, BSE Sensex was trading 16.19 points or 0.03 percent higher at 60,094.07, while the broader NSE Nifty advanced 24.75 points or 0.14 percent to 17,879.85.

Meanwhile, global oil benchmark Brent crude futures rose 0.79 percent to USD 80.16 per barrel.

(With PTI inputs)
Moneycontrol News
first published: Sep 28, 2021 10:53 am

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