Rupee opens on flat note, up 2 paise at 73.35 against US dollar

Topics Rupee | US Dollar | Currency

Representative image

The rupee opened on a flat note and inched 2 paise higher to 73.35 against the US dollar in early trade on Tuesday, even as the domestic equity market was trading with gains.

At the interbank forex market, the domestic currency was trading in a narrow range. It opened at 73.36 against the greenback, gained some ground and touched 73.35, up 2 paise from its previous close.

On Monday, the rupee settled at 73.37 against the US dollar.

"Rising COVID-19 cases, impasse over the US stimulus spending and uncertainty surrounding the US elections are keeping investors away," Reliance Securities said in a research note.

Further, most of the Asian currencies have started marginally weak against the US dollar this morning and could weigh on sentiments, it added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 93.39.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 116.04 points higher at 40,547.64, and the broader NSE Nifty rose 35.15 points to 11,908.20.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,656.78 crore on a net basis on Monday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.84 per cent to USD 42.26 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