Rupee opens flat at 74.83 against US dollar

Mumbai: The rupee opened on a flat note at 74.83 against the US dollar on Thursday, unchanged from its previous close even as the domestic equity market was trading in the positive territory.

After opening flat, the local unit was later trading at 74.85, down 2 paise over its previous close of 74.83 against US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.17 per cent to 93.28.

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Investors are awaiting CPI data scheduled to be released later in the day for further cues, forex traders said.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 86.06 points higher at 38,455.69 and the broader NSE Nifty rose 39.50 points to 11,347.90.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 351.15 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.18 per cent to USD 45.35 per barrel.

“Asian currencies were trading mixed against the US dollar this morning. However, the greenback is weak against the basket of currencies, and could lift sentiments for the domestic unit,” Reliance Securities said in a research note.

The report further said that “COVID-19 vaccine hopes could improve risk appetite, but simmering tensions between the US and China and stalemate between US lawmakers on the stimulus bill could limit the appreciation bias in the market”.

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