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Rupee Rises 26 Paise to 75.87 against US Dollar in Early Trade

Image for representation. (Image: Reuters)

Traders said investor sentiment remains fragile amid the effects of the coronovirus outbreak on the domestic and global economies.

  • PTI
  • Last Updated: April 7, 2020, 10:58 am IST

Mumbai: The Indian rupee opened 26 paise higher at 75.87 against the US dollar in early trade on Tuesday.

Foreign exchange traders said that higher levels in domestic equity supported the local unit, while concerns related to outflow of foreign funds and outbreaks of coronovirus weighed on the local unit.

The rupee opened at 75.92 in Interbank Foreign Exchange, then reached the ground and reached 75.87, registering a rise of 26 paise over its previous close.

The rupee closed at 76.13 on Friday against the US dollar.

The foreign exchange market was closed on Monday due to Mahavir Jayanti.

Traders said investor sentiment remains fragile amid the effects of the coronovirus outbreak on the domestic and global economies.

The number of deaths worldwide associated with the new coronavirus has exceeded 74,000. In India, more than 4,400 coronovirus cases have been reported so far.

Meanwhile, the benchmark index Sensex opened 1127.33 points at 28,718.28 and the Nifty gained 344.95 points to 8,428.75, giving a positive signal on domestic indices on Tuesday.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold equity shares worth Rs 1,960.97 crore on Friday, as per provisional exchange data.

Brent crude futures, the global oil benchmark, rose 2.90 percent to $ 34.01 a barrel.

Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, was trading 0.13 percent down at 100.55.

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