The Indian rupee strengthened by 13 paise to 72.83 against the US dollar in early trade on Tuesday tracking the broad weakness of the greenback and positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 72.85 against the dollar, then inched higher to 72.83, registering a gain of 13 paise over its previous close.
On Monday, the rupee had settled at 72.96 against the US dollar. The rupee started on a positive note against the dollar, tracking the broad weakness of the Greenback this morning, Reliance Securities said in a research note.
Most Asian currencies have started mixed against the US dollar and will await fresh triggers, the note added. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.10 per cent to 89.75.
“The US dollar index has started on a weaker note in Asian trade as fresh insistence from Federal Reserve officials that policy would stay on hold allayed investor fears about inflation forcing interest rates higher,” the Reliance Securities’ note said. Global oil benchmark Brent crude futures rose 0.41 per cent to USD 68.74 per barrel.
On the domestic equity market front, BSE Sensex was trading 171.84 points or 0.34 per cent higher at 50,823.74, while the broader NSE Nifty advanced 67.40 points or 0.44 per cent to 15,265.10. Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 585.36 crore, as per exchange data.
Meanwhile, the single day rise in new coronavirus infections in the country fell below 2 lakh taking the total tally of COVID-19 cases to 2,69,48,874, while the death toll rose to 3,07,231, according to the Union Health Ministry data updated on Tuesday.
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