Rupee rises 32 paise to 73.92 in early trade amid positive opening in domestic equities

The Indian rupee appreciated by 32 paise to 73.92 against the US dollar in early trade on Wednesday tracking positive opening in domestic equities

Press Trust of India March 18, 2020 11:18:55 IST
Rupee rises 32 paise to 73.92 in early trade amid positive opening in domestic equities

New Delhi: The Indian rupee appreciated by 32 paise to 73.92 against the US dollar in early trade on Wednesday tracking positive opening in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.98, then gained further ground and touched a high of 73.92 against the US dollar, registering a rise of 32 paise over its previous close.

On Tuesday, rupee had settled at 74.24 against the greenback. Traders said investor sentiments improved after the Reserve Bank on Monday hinted at a rate cut at the next Monetary Policy Committee (MPC) meet on 3 April and announced more liquidity enhancing measures.

Rupee rises 32 paise to 7392 in early trade amid positive opening in domestic equities

File image of Rs 100 notes. AFP.

The RBI announced another round of $2 billion dollar-rupee swap on 23 March and up to Rs 1 lakh crore of long-term repo operations as and when required.

However, there are still concerns over the impact of coronavirus outbreak on the global economy, they said. The number of deaths around the world linked to the new coronavirus has reached nearly 8,000. Domestic bourses opened on a positive note on Wednesday with benchmark indices Sensex trading 125.19 points higher at 30,704.28 and Nifty up by 24.80 points at 8,991.85.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 4,044.69 crore on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.36 percent to $29.12 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against the basket of six currencies was trading 0.28 percent lower at 99.29. The 10-year government bond yield was at 6.29 percent in morning trade.

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