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Rupee opens on flat note at 73.81 per dollar ahead of RBI MPC outcome

BusinessToday.In     December 3, 2020

Indian rupee opened on a flat note and was trading in a narrow range per US dollar on Thursday's opening session. Analysts said investors were awaiting outcome from the Reserve Bank of India's Monetary Policy Committee's three-day interest rate-setting meeting that started Wednesday, with the decision due on Friday.

The domestic unit opened at 73.81 per US dollar at the interbank forex market and touched 73.77 per US currency. In volatile trade, the local unit also touched 73.89 per the American currency.

On Wednesday, the domestic currency, pared its initial gains and settled for the day 13 paise lower at 73.81 amid muted trading in equity markets.

Traders further said that the domestic unit is trading in a narrow range as positive sentiments surrounding the potential vaccine is supporting the currency but the presence of the central bank could keep appreciation bias limited.

"Weak US dollar and improved risk appetite in the region could lend support," Reliance Securities said in a research note adding that "RBI's presence in the market could keep appreciation bias limited".

Meanwhile, the dollar index, fell 0.14 per cent to 90.98.

On the domestic equity market front, market indices traded on a bullish note on Thursday, amid positive global equities. Sensex was rising 150 points higher at 44,770 and Nifty gained by 50 points to hit 13,165. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today. Sensex touched a lifetime high of 44,953 and Nifty hit an all-time high of 13,216.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 357.35 crore on a net basis on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.21 per cent to USD 48.15 per barrel.

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