Rupee rises 5 paise to 73.59 amid weak dollar, positive equities

Indian rupee, the domestic currency strengthened by 5 paise to 73.59 per US dollar on Monday's opening session, supported by foreign portfolio inflows and strong opening in domestic equities.

The domestic unit was trading in a narrow range and opened at 73.62 per at the interbank forex market. It later gained ground by 5 paise to 73.59 per American currency over its previous close.

In a volatile trade, the local unit also touched a low of 73.64 per American currency.

On Friday, the rupee ended 2 paise higher at 73.64 per US dollar.

"Weakness of the US dollar, optimism surrounding vaccine roll-out, dollar inflows into local equities could keep depreciation bias limited. On the other hand, RBI's presence in the market could keep appreciation bias limited," Reliance Securities said in a research note.

Meanwhile, the dollar index was trading down 0.20 per cent at 90.79.

On the domestic equity market front, market indices traded marginally higher on Monday, after hitting record highs at opening bell. Sensex was rising 13 points higher at 46,112 and Nifty gained by 4 points to 13,518. During today's early session, Sensex hit an all-time high of 46,346 and Nifty too logged a record high of 13,579.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,195.43 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,359 crore in the Indian equity market on 11 December 2020, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.68 per cent to USD 50.31 per barrel. Oil price moved lower on Friday as rising coronavirus cases casted shadow on demand recovery ignoring developments made on vaccine front.

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