Forex

Rupee surges 15 paise to 73.59 against US dollar in early trade

PTI Mumbai | Updated on September 21, 2021

Tracks weakness in American currency overseas

The Indian rupee appreciated 15 paise to 73.59 against the US dollar in opening trade on Tuesday, tracking the weakness of the American currency in the overseas market.

At the interbank foreign exchange market, the rupee opened at 73.74 against the dollar, then edged higher to 73.59, up 15 paise over its previous close.

On Monday, the rupee had settled at 73.74 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 93.19.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 92.54 crore, according to exchange data.

On the domestic equity market front, BSE Sensex was trading 73.95 points or 0.13 per cent lower at 58,416.98, while the broader NSE Nifty declined 1.30 points or 0.01 per cent to 17,395.60.

Meanwhile, the global oil benchmark Brent crude futures rose 0.88 per cent to $74.57 per barrel.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the Federal Open Market Committee (FOMC) starting Tuesday should give some direction to the range-bound market by tomorrow morning.

"Exporters to keep selling the uptick, while importers may get a chance to buy below 73.50 level," Bhansali said.

Published on September 21, 2021

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