Rupee against dollar: Indian currency increases 8 paise to 75.51 at start of trade

The Indian rupee appreciated 8 paise to 75.51 against the US dollar early in Tuesday, following a positive opening in domestic stocks.

Currency traders said the rupee trades within a narrow range as the higher openness of domestic stocks supported local unity, while sustained outflows of foreign funds and the strengthening of the US currency weighed on it.

In the interbank forex market, the rupee opened at 75.52, then gained ground to hit 75.51, registering an 8 paise rise from its previous close.

On Monday, the rupee stood at 75.59 against the US dollar.

Traders said investor sentiments remain fragile amid concerns over the impact of the coronavirus outbreak on the domestic and global economy.

The worldwide death toll from the novel coronavirus has exceeded 37,000. In India, nearly 1,100 cases of the coronavirus have been reported to date.

Meanwhile, the national stock exchanges opened on a positive note on Tuesday, with the benchmarks Sensex trading 475.89 points up to 28,916.21 and Nifty up 156.65 points to 8,437.75.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 4,363.61 crore on Monday, according to provisional stock exchange data.

Futures on Brent crude, the world’s benchmark for oil, rose 1.71% to $ 23.15 per barrel.

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Meanwhile, the dollar index, which assesses the strength of the greenback against the basket of six currencies, was trading up 0.17% to 99.34.

The yield on 10-year government bonds was 6.10 percent in morning trading.

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