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Rupee shoots up 6 paise agains dollar in the early trading hours

The rupee appreciated marginally by 6 paise to 75.50 against the US dollar in early trade on Friday.

Forex traders said the local currency was trading in a narrow range as appreciation in the unit will be capped amid rising risk-aversion in the broader financial markets and stronger US dollar.

At the interbank foreign exchange, the rupee opened at 75.51, then touched 75.50, registering a rise of 6 paise over its previous close.

Domestic bourses were trading on a negative note with the benchmark Sensex falling 263.74 points at 30,859.15 and the broader Nifty slipping 57.45 points to 9,085.30.

Foreign institutional investors were net sellers in the capital market, as they sold equity shares worth Rs 2,152.52 crore on Thursday, according to provisional exchange data.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.18 per cent lower at 100.29.

Brent crude futures, the global oil benchmark, rose 1.61 per cent to USD 31.63 per barrel.

Traders said rising coronavirus cases in the country weighed on the local unit.

 

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