Rupee rises 3 paise to 73.08 against U.S. dollar in early trade

On January 6, the rupee had settled at 73.11 against the U.S. dollar

The rupee appreciated 3 paise to 73.08 against the U.S. dollar in opening trade on January 7, tracking positive domestic equities and weak American currency.

At the interbank Forex market, the domestic unit opened at 73.10 against the U.S. dollar and inched higher to 73.08 against the greenback, registering a rise of just 3 paise over its previous close.

On January 6, the rupee had settled at 73.11 against the American currency.

“Most Asian currencies were weak against the greenback this morning and could weigh on sentiments,” Reliance Securities said in a research note.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14% to 89.40.

“Both Democrat candidates have won in the Georgia Senate runoffs. The Democrats now effectively have control of the Senate as well. The President, Senate, House are all Democrat which makes legislation easy to pass,” said Abhishek Goenka, Founder and CEO, IFA Global.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 160.16 points higher at 48,334.22, and the broader NSE Nifty was up 52.60 points at 14,198.85.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth ₹483.64 crore on a net basis on January 6, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.77% to $54.72 per barrel.

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