Rupee rises 18 paise to 73.60 against US dollar in early trade

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The Indian rupee advanced by 18 paise to 73.60 against the US dollar in opening trade on Friday supported by positive domestic equities and weak American currency.

At the interbank forex market, the local unit opened at 73.62 against the US dollar, then inched higher to 73.60, reflecting a rise of 18 paise over its last close. The local unit also touched a low of 73.68 in initial deals. On Thursday, the rupee had settled at 73.78 against the American currency.

The rupee started this morning on a stronger note against the dollar supported by improved risk appetite in the global markets and weak dollar, Reliance Securities said in a research note. However, rising Covid-19 cases in India could cap gains, the note added.

With a record 4,14,188 new coronavirus infections being reported in a day, India's total tally of Covid-19 cases climbed to 2,14,91,598, while the active cases crossed the 36-lakh mark, according to the Union Health Ministry data updated on Friday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 90.86.

Global oil benchmark Brent crude futures rose 0.70 per cent to USD 68.57 per barrel. On the domestic equity market front, BSE Sensex was trading 388.12 points or 0.79 per cent higher at 49,337.88, while the broader NSE Nifty rose 112.50 points or 0.76 per cent to 14,837.30. Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 1,222.58 crore, as per exchange data.

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