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Published on 29/05/2020 2:07:11 PM | Source: Dion Global Solutions Ltd

Rupee rises 11 paise to 75.65 against US dollar in early trade

Posted in Currency Top News| #Rupee #US dollar #Currency News

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The rupee appreciated 11 paise to 75.65 against the US dollar in opening trade on Friday as foreign fund inflows and weak American currency boosted investor confidence. Forex traders said investors are awaiting the country’s gross domestic product data for the January-March quarter, due later in the day, for further cues.

Rupee was trading in a range-bound manner as improving investor sentiment was offset by rising tensions between Washington and Beijing in the wake of the coronavirus pandemic. The rupee opened at 75.71 at the interbank forex market and then gained further to 75.65, up 11 paise over its last close. It had settled at 75.76 against the US dollar on Thursday.

"Markets were nervous before US President Donald Trump"s announcement, later in the day, on policy moves that could spark a diplomatic conflict between Washington and Beijing," Reliance Securities said in a research note. Moreover, over the weekend, markets will get an update on the nationwide lockdown and another extension could likely see the rupee to start on a weaker note next week, it added.

Meanwhile, in India, the death toll due to COVID-19 rose to 4,706 and the number of cases climbed to over 1.65 lakh, according to the Health Ministry. The number of cases around the world linked to the disease has crossed over 58.10 lakh and the death toll has topped 3.60 lakh. On the equities front, the 30-share BSE benchmark Sensex was quoting 140.21 points lower at 32,060.38 and broader Nifty fell 22.60 points to 9,467.50.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 2,354.14 crore on Thursday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.60 per cent to USD 35.08 per barrel. The dollar index, which gauges the greenback"s strength against a basket of six currencies, fell by 0.06 per cent to 98.32.