Rupee gains 12 paise to 74.88 against US dollar at start of trade

The rupee appreciated 3 paise on Monday to reach an almost four-week high of 75 against the US dollar.

The rupee appreciated 12 paise to 74.88 against the US dollar when trade opened on Tuesday, following gains in domestic stock markets.

In the interbank forex market, the rupee opened strongly at 74.95 against the US dollar, then edged up to 74.88, registering a 12 paise rise since the last close.

The rupee appreciated 3 paise on Monday to reach an almost four-week high of 75 against the US dollar.

Positive movements in Indian stock indexes and strengthening in Asian currencies boosted sentiment, traders said, adding that trading is expected to remain limited this week before the year-end holiday.

Additionally, Omicron’s concerns and firm crude oil prices have contained the appreciation bias in local unity, they added.

The dollar index, which measures the strength of the greenback against a basket of six currencies, was trading unchanged at 96.09.

Meanwhile, on the domestic stock market front, the 30-stock Sensex traded 369.58 points or 0.64% higher at 57,789.82, while the wider NSE Nifty rose 115, 30 points or 0.67% at 17,201.55.

Global benchmark Brent crude oil futures rose 0.18% to $ 78.74 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they got rid of shares worth 1,038.25 crore, according to exchange data.


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