India News | Rupee Surges 31 Paise to 73.38 Against US Dollar in Early Trade

Mumbai, Aug 30 (PTI) The Indian rupee appreciated 31 paise to 73.38 against the US dollar in opening trade on Monday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.46 against the dollar, then surged higher to 73.38, up 31 paise over its previous close.

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On Friday, the rupee had settled at 73.69 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.07 per cent at 92.62.

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Investor sentiment got a boost after the US Federal Reserve chief Jerome Powell said that the US central bank was still far from pulling interest rates off the record low, traders said.

According to traders, US Fed chief's speech at Jackson Hole Symposium was 'dovish' and expressed hope that the Fed will keep supporting the market with low interest rates.

Global oil benchmark Brent crude futures rose 0.08 per cent to USD 72.76 per barrel.

On the domestic equity market front, BSE Sensex was trading 499.53 points or 0.89 per cent higher at 56,624.25, while the broader NSE Nifty advanced 148.20 points or 0.89 per cent to 16,853.40.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 778.75 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)