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Rupee rises 6 paise to 72.90 per US dollar in early trade

The local unit opened at 72.92 against the US dollar at the interbank forex market and inched 6 paise higher to 72.90 over its previous close in early deals

twitter-logoBusinessToday.In | February 4, 2021 | Updated 11:53 IST
Rupee rises 6 paise to 72.90 per US dollar in early trade
Meanwhile, the dollar index advanced 0.07 per cent to 91.23 against a basket of six currencies

Indian rupee, the domestic currency appreciated by 6 paise to 72.90 per US dollar on Thursday's opening trade, amid muted domestic equities.

The local unit opened at 72.92 against the US dollar at the interbank forex market and inched 6 paise higher to 72.90 over its previous close in early deals.

On Wednesday, the rupee had settled flat at 72.96 per American currency. Meanwhile, the dollar index advanced 0.07 per cent to 91.23 against a basket of six currencies.

Reliance Securities said in a research note, "The pullback in Asian equities and possibility of the Reserve Bank of India's intervention, however, would likely cap the rupee's upside. Markets will now look ahead to Reserve Bank of India's monetary policy decision Friday."

On the domestic equity market front, market indices turned volatile after 3 sessions of sharp gains on Thursday, and traded range bound, amid positive global equities.

Sensex rose 40 points higher at 50, 295 and Nifty gained by 17 points to 14,807. Sensex and Nifty were trading near lifetime highs of 50,332 and 14,826 during today's session.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,520.92 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 399.74 crore in the Indian equity market on 3 February, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.56 per cent to USD 58.79 per barrel. Oil price continued to move up after data showed that crude inventories in US fell to the lowest since March while OPEC+ maintained supply cut committments.

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," The U.S. Dollar Index is at 91.17 against currency basket, It trading above 50 Day SMA and likely to go towards 100 days SMA showing bullish momentum. Asian Equity market trading flat on the morning. Technically, USDINR Feb Future closed at 73.11. it is expected to trade with bullish momentum for the day, Spot pair took support of 72.80 and come up, it took resistance of 21 days SMA placed at 73.08 and closed below it, It is expected to open near 72.90, Strong Dollar index, Flat Equity market will help dollar to go up side. Local banks are defending 72.80 levels very strongly."

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