Rupee rises 14 paise amid weak US dollar, positive equities

Indian rupee, the local currency benchmark appreciated 14 paise to 74.28 per US dollar on Tuesday, as a positive trend in domestic equities and weak American currency strengthened investor sentiments. Besides, fresh foreign fund inflows also supported the domestic unit, forex dealers said.

The rupee opened strong at 74.34 at the interbank forex market and gained by 14 paise to 74.28 over its previous close.

On Monday, the rupee settled at more than two-month low, depreciating 32 paise and settled at 74.42 per dollar, tracking the mixed trend in domestic equities and a strong American currency.

Meanwhile, the dollar index, fell 0.14 per cent to 94.01 against a basket of six currencies.

On the domestic equity market front, Sensex gained 518 points higher at 40,275 and Nifty rose 139 points to 11,809.

Foreign portfolio investors (FPIs) bought shares worth Rs 740.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 533.97 crore in the Indian equity market on 2 November, provisional data showed.

Brent crude futures, the global oil benchmark, declined 0.08 per cent to USD 38.94 per barrel as US moves into the Presidential election. Weak demand due to lockdown still persists.

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