India News | Rupee Gains 6 Paise to 76.44 Against US Dollar in Early Trade

Mumbai, May 2 (PTI) The rupee appreciated 6 paise to 76.44 against the US dollar in opening trade on Monday amid a pullback in global crude prices.

However, a weak trend in domestic equities and a strong dollar in the overseas market capped the rupee's gains, forex traders said.

Also Read | Oppo Reno8 To Reportedly Debut in India by the End of June 2022.

At the interbank foreign exchange, the rupee opened strong at 76.48 and gained further ground to quote 76.44 against the American dollar, registering a rise of 6 paise from the last close.

In the previous session, the rupee had settled at 76.50 against the greenback.

Also Read | Samsung Likely To Reduce Prices of Upcoming Foldable Phones: Report.

On the domestic equity market front, the 30-share Sensex was trading 336.59 points or 0.59 per cent lower at 56,724.28, while the broader NSE Nifty declined 102.60 points or 0.60 per cent to 16,999.95.

The dollar index, which gauges the greenback's strength against a basket of six currencies, surged 0.43 per cent to 103.40.

Global oil benchmark Brent crude futures slipped 0.94 per cent to USD 106.13 per barrel.

Foreign institutional investors remained net sellers in the capital market on Friday, as they offloaded shares worth Rs 3,648.30 crore, as per 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)