Rupee Surges 25 Paise to 73.80 Against US Dollar in Early Trade

The rupee rose 25 paise to 73.80 against the US dollar in the opening session on Tuesday, strengthening domestic equities and strengthening foreign funds. Traders said that investor risk sentiment improved on positive macro-economic data on the domestic front, while the weakness of the US currency in the overseas market also supported the rupee.

In the interbank forex market, the domestic unit opened at 73.93 against the US dollar and gained further ground to touch 73.80, registering an increase of 25 paise from its previous close. The rupee had closed 17 paise lower at 74.05 against the US dollar on Friday.

The foreign exchange market was closed on Monday due to Guru Nanak Jayanti. Meanwhile, India’s economy improved faster than expected in the September quarter as pick-up in the manufacturing sector helped narrow the GDP clock by 7.5 percent and expected further improvement in consumer demand.

The dollar index, which estimates the strength of the greenback against a basket of six currencies, was down 0.05 percent at 91.82. Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 7,712.98 crore on a net basis on Friday as per exchange data.

On the domestic equity market front, the 30-share BSE benchmark Sensex was up 258.59 points to trade at 44,408.31, and the broader NSE Nifty rose 71.50 points to 13,040.45. Global oil benchmark Brent crude futures fell 1.22 percent to USD 47.59 a barrel.

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