Rupee recovers 34 paise to 74.78 in early trade on dollar selling by exporters
The Indian rupee recovered 34 paise to trade at 74.78 against the US dollar in early deals on Friday following dollar selling by exporters
Mumbai: The Indian rupee recovered 34 paise to trade at 74.78 against the US dollar in early deals on Friday following dollar selling by exporters.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.65 percent to 102.08, helping the rupee trade higher.
The domestic unit had closed at 75.12 against the US currency on Thursday.
Meanwhile, Indian stock indices slipped into the red after starting in positive terrain, with the BSE Sensex trading 23.79 points or 0.08 percent lower at 28,264.44; and the NSE Nifty was down 19.75 points or 0.24 percent at 8,243.70 in morning deals.
Investors continued to assess the impact of COVID-19 on the economy, impacting the trading sentiment on bourses.
According to the Health Ministry, the novel coronavirus cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country.
Foreign investors remained net sellers in Indian capital markets as they pulled out more than Rs 4,622.93 crore on Thursday, market data showed.
Brent crude futures, the global oil benchmark, rose 2.25 percent to $29.11 per barrel.
The 10-year government bond yield was at 6.37 percent in the morning trade.
A shortage of foreign currency has hindered the ability of the island nation of 21 million people to import goods, prompting the government to declare a state of emergency and impose rationing.
RBI Gov Shaktikanta Das flags concerns on high petrol taxes, says up to government to take further decision
It can be noted that the government had hiked duties and cesses on fuels like petrol and diesel to record levels after a sharp dip in global crude prices last year which resulted in higher revenue collections
Fuel prices have risen not only in India, but elsewhere too. Even if one ignores it, the fact is that state government taxes account for 41.67 per cent of the final petrol price