India News | Rupee Gains 17 Paise to 74.71 Against US Dollar in Early Trade

Mumbai, Feb 4 (PTI) The rupee appreciated 17 paise to 74.71 against the US dollar in opening trade on Friday, tracking the weakness of the American currency in the overseas market.

However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities.

Also Read | Rocket Boys Review: Jim Sarbh And Ishwak Singh’s Bonding As Homi Bhabha-Vikram Sarabhai Is The Highlight Of This SonyLIV Series.

At the interbank foreign exchange, the rupee opened at 74.71 against the American dollar, registering a rise of 17 paise from the last close.

In the previous session, the rupee had settled at 74.88 against the greenback.

Also Read | Krafton Invests $5.4 Million in Indian Sports Game Developer Nautilus Mobile.

On the domestic front, investors will look to cues from FX reserves data from the Reserve Bank of India.

Weekly F&O expiry could keep the rupee in a small trading band, traders said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.25 per cent lower at 95.14.

On the domestic equity market front, the 30-share Sensex was trading 92.57 points or 0.16 per cent lower at 58,695.45, while the broader NSE Nifty declined 50.50 points or 0.29 per cent to 17,509.70.

Global oil benchmark Brent crude futures rose 0.49 per cent to USD 91.56 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday, as they offloaded shares worth Rs 1,597.54 crore, as per stock exchange data.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)