Rupee rose 26 paise to 75.87 against the US dollar in early trading

0
37

Image for illustration. (Image: Reuters)

Image for illustration. (Image: Reuters)

Traders said investor sentiment remains fragile given concerns over the effects of the Corona virus outbreak on domestic and global economies.

  • PTI
  • Last update: April 7, 2020, 10:58 am

Mumbai: The Indian rupee rose 26 pairs against the US dollar in early trading on Tuesday to 75.87, which is a positive opening for domestic stocks.

Forex traders said a higher opening in domestic stocks supported the local unit, while persistent outflows from foreign funds and coronavirus outbreak concerns weighed on the local unit.

On interbank currencies, the rupee opened at 75.92, then gained ground to hit 75.87, an increase of 26 paise from the previous close.

On Friday, the rupee had leveled off at 76.13 against the US dollar.

The forex market was closed on Monday due to Mahavir Jayanti.

Traders said investor sentiment remains fragile given concerns over the effects of the Corona virus outbreak on domestic and global economies.

The number of deaths associated with the new corona virus has exceeded 74,000 worldwide. Over 4,400 coronavirus cases have been reported in India to date.

In the meantime, the domestic stock exchanges opened positively on Tuesday. The Sensex benchmarks were 1127.33 points higher at 28,718.28 and Nifty rose 344.95 points at 8,428.75.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold stocks worth 1,960.97 billion rupees on Friday, according to preliminary stock market data.

Brent crude oil futures, the global oil benchmark, rose 2.90 percent to USD 34.01 a barrel.

The dollar index, which measures the strength of the greenback versus the basket of six currencies, was down 0.13 percent at 100.55.

Source