Rupee gains 4 paise to 74.79 against U.S. dollar in early trade

The Indian rupee gained 4 paise to trade at 74.79 against the American dollar in early deals on July 28 amid caution ahead of the two-day U.S. Federal Reserve’s meeting.

At the interbank forex market, the rupee was trading in a narrow range.

It opened at 74.86 against the U.S. dollar but soon recovered the lost ground and touched 74.79 against the U.S. dollar, up 4 paise over its last close of 74.83.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.14% to 93.80.

Forex traders said firm domestic equities and steady crude oil prices supported the local unit, even as foreign fund outflows and rising COVID-19 cases weighed on investor sentiment.

“Asian currencies were stronger against the U.S. dollar this Tuesday morning and could lift sentiments for the local unit,” Reliance Securities said in a research note but added that “markets will remain cautious ahead of the two-day Fed meeting concluding tomorrow.”

On the equities front, the 30-share BSE benchmark Sensex was quoting 145.04 points higher at 38,079.77; and the broader Nifty rose 44.80 points to 11,176.60.

Foreign institutional investors were net sellers in the capital market, as they sold equity shares worth ₹453.31 crore on July 27, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.09% to $43.45 per barrel.

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