Rupee appreciates 11 paise to 73.34 against US dollar in early trade

Topics Rupee | US Dollar | Currency

Representative image

The rupee strengthened 11 paise to 73.34 against the US dollar in opening trade on Monday supported by weak American currency.

At the interbank forex market, the domestic unit opened at 73.43 against the US dollar, gained further ground and touched 73.34 against the US dollar, registering a rise of 11 paise over its previous close.

On Friday, the rupee strengthened by 21 paise to close at more than one-week high of 73.45 against the US dollar.

"Overall, we are likely to see another week where the price action in USD-INR could remain confined in a range of 73.10-73.90," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further said that "we may, however, see violent swings intra-day. A trending move is unlikely ahead of the first US presidential debate on September 29, the release of GOI borrowing calendar for H2 on September 30 and RBI monetary policy on October 1".

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.16 per cent to 92.77.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 37.41 points lower at 38,808.41, and the broader NSE Nifty fell 18 points to 11,486.95.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 205.15 crore on a net basis on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.05 per cent to USD 43.17 per barrel.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel