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Rupee inches 3 paise higher to 74.81 per dollar amid positive equities, FII inflows

BusinessToday.In     August 14, 2020

Indian rupee, the currency benchmark inched 3 paise higher per dollar to 74.81 on Friday's opening bell, tracking positive domestic equities and sustained foreign fund inflows.

The domestic unit opened at 74.85 against the US dollar at the interbank forex market and gained ground to touch 74.81 per dollar, registering a marginal rise of 3 paise over its previous close of 74.84.

"Asian currencies were trading mixed against the US dollar this morning ahead of the meeting between US and Chinese officials this weekend," Reliance Securities said in a research note.

Currency investors will also track Wholesale Price Index (WPI) data, and trade data scheduled to be released later in the day for further cues.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 93.23.

On the domestic equity market front, Sensex and Nifty opened on a bullish note on Friday, erasing yesterday's decline amid mixed global equities. Sensex was rising 149 points higher at 38,459 and Nifty gained 52 points to trade at 11,353.

Oil prices remained lackluster on Friday after IEA lowered its 2020 oil demand forecast post travel restrictions in many countries. Brent crude futures, the global oil benchmark, rose mere 0.33 per cent to USD 45.11 per barrel.

Sustained foreign fund inflow also supported currency traders. Foreign portfolio investors (FPIs) bought shares worth Rs 416.28 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 763.54 crore in the Indian equity market on 13 August, provisional data showed.

(With PTI Inputs)

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