Rupee edges up 3 paise to 74.51 against US dollar in early trade

PTI Mumbai | Updated on July 16, 2021

Fund outflows, firm crude oil prices seen capping gains in the domestic unit

The Indian rupee opened on a flat note and inched higher by 3 paise to 74.51 against the US dollar in early trade on Friday, as investors await fresh triggers.

At the interbank foreign exchange, the domestic unit opened at 74.53 against the dollar, then inched higher to 74.51, registering a gain of just 3 paise over its previous close.

On Thursday, the rupee had settled at 74.54 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent down at 92.56.

The Indian rupee opened flat against the US dollar this Friday as investors await fresh triggers, Reliance Securities said in a research note.

Moreover, Asian currencies have started weak and could weigh on sentiments, the note said.

"Technically, the USDINR spot pair supports are at 74.38 and 74.25. Resistances are at 74.60 and 74.75," it added.

Forex traders said foreign fund outflows and firm crude oil prices could weigh on investor sentiment and cap the appreciation of the local unit.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 264.77 crore, according to exchange data.

Global oil benchmark Brent crude futures was trading unchanged at $73.47 per barrel.

Published on July 16, 2021

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