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Rupee rises 14 paise to 74.52 against US dollar in early trade

The rupee appreciated 14 paise to 74.52 against the US dollar in early trade on Monday 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 US currency supported the local unit.

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

It had settled at 74.66 against the greenback on Friday.

“Cues from Asia remained firm as most Asian currencies have started with gains against the US 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 US currency,” it added.

Meanwhile, the dollar index, which gauges the greenback”s strength against a basket of six currencies, fell 0.22 per cent 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 Rs 857.29 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.56 per cent to USD 43.04 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.14 crore and the death toll has topped 5.33 lakh.

In India, the death toll due the disease rose to 19,693 and the number of infections spiked to 6,97,413, according to the health ministry.

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