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Rupee opens on flat note at 73.65 per US dollar

The domestic unit opened at 73.65 against the US dollar at the interbank forex market and later touched 73.63 per American currency. In volatile trade, the local unit also fell to 73.69 per dollar

twitter-logoBusinessToday.In | December 11, 2020 | Updated 12:13 IST
Rupee opens on flat note at 73.65 per US dollar
On Thursday, the rupee snapped its two-day winning streak to settle 9 paise lower at 73.66 per dollar

Indian rupee, the local currency opened on a flat note at 73.65 per US dollar and traded in a narrow range on Friday's opening session, despite positive opening in domestic equity market and a weak dollar.

The domestic unit opened at 73.65 against the US dollar at the interbank forex market and later touched 73.63 per American currency. In volatile trade, the local unit also fell to 73.69 per dollar.

On Thursday, the rupee snapped its two-day winning streak to settle 9 paise lower at 73.66 per dollar.

"Weakness of the US dollar, optimism surrounding vaccine development, dollar inflows into local equities and strong Asian currencies could keep depreciation bias limited. On the other hand, Brexit deal impasse and RBI's presence in the market could keep appreciation bias limited," Reliance Securities said in a research note.

Meanwhile, the dollar index was down 0.20 per cent to 90.60 against a basket of six currencies.

On the domestic equity market front, market indices opened and hit new lifetime highs on Friday, backed by buying in PSU Banking, media and metal stocks, amid positive global equities. Sensex was trading 302 points higher at 46,266 and Nifty gained by 87 points to 13,565.  During the session, Sensex hit an all-time high of 46,277 and Nifty too logged a record high of 13,566.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,259.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,275.22 crore in the Indian equity market on 10 December, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.22 per cent to USD 50.36 per barrel. Oil price moved above $50 for the first time since March 2020 on hopes of fast demand recovery as vaccine rollout progressed in the UK.

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