Rupee inches 3 paise higher to 74.81 against US dollar in early trade

Rupee inches 3 paise higher to 74.81 against US dollar in early trade

Markets participants will also track Wholesale Price Index (WPI) data.

The rupee inched 3 paise higher against the US dollar to 74.81 in opening trade on Friday tracking positive domestic equities and sustained foreign fund inflows.

At the interbank forex market, the domestic unit opened at 74.85 against the US dollar, gained ground and touched 74.81 against the US dollar, registering a marginal rise of 3 paise over its previous close of 74.84.

“Asian currencies were trading mixed against the US dollar this morning ahead of the meeting between US and Chinese officials this weekend,” Reliance Securities said in a research note.

Markets participants will also track Wholesale Price Index (WPI) data, and trade data scheduled to be released later in the day for further cues, traders said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.10 per cent to 93.23.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 110.52 points higher at 38,421.01 and broader NSE Nifty advanced 30.15 points to 11,330.60.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 416.28 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.33 per cent to USD 45.11 per barrel.

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