Udayavni Special

Rupee rises 23 paise to 74.64 against US dollar in early trade


Team Udayavani, Apr 20, 2021, 11:01 AM IST

Mumbai: The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday, tracking weaker dollar against key rivals and a positive trend in the domestic equity market.

Forex traders said the government’s decision to open COVID vaccination to all above 18 years from May 1 lifted investor sentiment.

At the interbank forex market, the local unit opened at 74.65 against the US dollar, then gained some strength to quote at 74.64, a rise of 23 paise over its last close.

In the previous session, the rupee had settled at 74.87 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 90.94.

The Indian rupee started this Tuesday on a stronger note against the US dollar, tracking the overall weakness of the dollar, Reliance Securities said in a research note.

“Gains could be capped by the surge in coronavirus infections leading to stricter lockdowns and in turn hampering the recovery of the economy,” the note said.

However, hopes for COVID-19 vaccination from May to all above 18 years could stem the rise of infections and limit the damage caused to the economy and cap weakness of the currency, it added.

Meanwhile, global oil benchmark, Brent crude futures, rose 0.95 per cent to USD 67.69 per barrel.

On the domestic equity market front, the BSE Sensex was trading 278.33 points or 0.58 per cent higher at 48,227.75 in early deals, while the broader NSE Nifty rose 87.40 points or 0.61 per cent 14,446.85.

Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth Rs 1,633.70 crore, as per exchange data.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

COVID-19 patients on home care should not take Remdesivir: AIIMS doctors

Cyclone Tauktae to reach Karnataka coast tonight, prepared to tackle situation: Ministers

State government is responsible for the plight of Sasihitlu Beach: Abhaychandra Jain

Frontline workers are our greatest asset: BSY

Kaup: Man electrocuted to death in Eluru

Cyclone Tauktae: High tide, large waves push water into streets near Sasihithlu beach

India needs proper vaccine strategy, govt’s ‘disastrous policy’ will ensure 3rd wave: Rahul



Related Articles More

GST Council to discuss compensation shortfall, rates on COVID-19 essentials in May 28 meeting

Cairn begins process to seize Indian overseas assets to recover $1.7 bn

Akshaya Tritiya: Jewellers see just 10% of pre-Covid sales as pandemic restrictions hit sentiment

Reliance Jio announces free talk time offer for JioPhone users for COVID pandemic

Petrol, diesel prices rise again, reach record highs

MUST WATCH

Long queues outside liquor outlets on eve on full lockdown

Status of Raichur Lockdown

NO SHORTAGE OF OXYGEN SUPPLY IN STATE

House collapses from sea erosion due to Cyclone Tauktae

JD(S) MLA Annadani dances for COVID-19 patients

Latest Additions

COVID-19 patients on home care should not take Remdesivir: AIIMS doctors

Cyclone Tauktae to reach Karnataka coast tonight, prepared to tackle situation: Ministers

State government is responsible for the plight of Sasihitlu Beach: Abhaychandra Jain

Frontline workers are our greatest asset: BSY

Kaup: Man electrocuted to death in Eluru

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.