03 August,2021 10:30 AM IST | Mumbai | PTI
This picture has been used for representational purpose
The Indian rupee opened on a flat note and inched 4 paise higher to 74.30 against the US dollar in early trade on Tuesday amid cautious trade. Forex traders said price action remains subdued as investors are awaiting the Reserve Bank of India's (RBI) policy decision and the US non-farm payrolls data on Friday for further cues.
At the interbank foreign exchange, the domestic unit opened at 74.36 against the dollar, then inched higher to 74.30, registering a gain of 4 paise over its previous close. On Monday, the rupee had settled at 74.34 against the US dollar.
Also read: Rupee rises 9 paise to 74.33 against US dollar in early trade
"Rising Covid-19 infections in Asian countries could continue to keep appreciation limited," Reliance Securities said in a research note. Asian currencies have started mixed this Tuesday morning, while crude remains subdued and could cap depreciation bias, the note added.
ALSO READ
Mumbai: Man takes own life after alleged threat of false rape accusation
CR to spend Rs 5 cr in upgrades to ensure Matheran toy train runs during monsoon
Mumbai: Slab of 70-year-old two-storey building collapses in Malad, two injured
Tailstrike of Indigo aircraft raises serious concerns
Mumbai: ‘Cardiologist aims to train more rail staffers to save lives’
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent down at 92.02. "USD-INR is being bought by RBI and therefore the stability is seen with a 10-15 paise movement. All other market participants are sellers. Market seems to be keenly awaiting for the MPC meeting starting tomorrow," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
On the domestic equity market front, BSE Sensex was trading 294.94 points or 0.56 per cent higher at 53,245.57, while the broader NSE Nifty advanced 70.65 points or 0.44 per cent to 15,955.80. Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,539.88 crore, as per exchange data. Global oil benchmark Brent crude futures declined 0.04 per cent to USD 72.86 per barrel.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever