Rupee rises 10 paise to 73.80 against US dollar in early trade

The rupee appreciated by 10 paise to 73.80 against the US dollar in the opening session on Tuesday as sustained foreign fund inflows and strong domestic equities boosted investor sentiment. At the interbank forex market, the domestic unit opened at 73.83 against the US dollar, and gained ground to touch a high of 73.80 against the greenback, registering a rise of 10 paise over its previous close.

On Monday, the rupee fell 10 paise to settle at 73.90 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.07 per cent to 90.85. "Asian currencies have started weaker this morning and could weigh on sentiments," Reliance Securities said in a research note adding that "RBI's presence in the market and a recovery of the greenback could also keep appreciation bias limited".

Meanwhile, foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 3,792.06 crore on a net basis on Monday, according to exchange data. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 277.51 points higher at 45,704.48, and the broader NSE Nifty rose 73.65 points to 13,431.40. Brent crude futures, the global oil benchmark, was trading 0.82 per cent lower at USD 48.39 per barrel.  

(Image Credits: PTI)