Rupee surges 14 paise to 72.48 against US dollar in early trade

Mumbai: The rupee appreciated by 14 paise to 72.48 against the US dollar in opening trade on Friday supported by positive domestic equities.

At the interbank forex market, the local unit opened at 72.51 against the US dollar, then inched higher to 72.48 against the greenback, registering a rise of 14 paise over its previous close.

On Thursday, the rupee had settled at 72.62 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 469.68 points higher at 48,909.80, and the broader NSE Nifty advanced 151.95 points to 14,476.85.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.07 per cent to 92.78.

Most of the Asian currencies were weak this Friday morning and will weigh on sentiments, Reliance Securities said in a research note adding that dollar sales could cap depreciation bias.

Meanwhile, the International Monetary Fund has said that India’s economy is on the path of gradual recovery.

“India’s economy is on the path of gradual recovery, real GDP growth, return to positive territory in fourth quarter of 2020. And that’s for the first time actually since the start of the pandemic and it’s supported by a pickup in gross, fixed capital formation,” IMF’s spokesperson Gerry Rice told reporters at a news conference at Washington on Thursday.

Brent crude futures, the global oil benchmark, rose 0.79 per cent to USD 62.44 per barrel.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 3,383.60 crore on Thursday, according to exchange data.