Rupee rises 6 paise to 73.55 against U.S. dollar in early trade

 Rupee rises 6 paise to 73.55 against U.S. dollar in early trade

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Forex traders said investors would search for cues from the primary presidential debate between U.S. President Donald Trump and Democratic candidate Joe Biden, set for Tuesday.
The Indian rupee advanced 6 paise to 73.55 against the U.S. dollar in opening trade on Monday tracking weak American currency and positive domestic equities.

The local unit opened 3 paise lower at 73.64 at the interbank forex market, then gained ground and touched 73.55 against the greenback, up 6 paise over its previous close.
On Friday, the rupee had staged a sensible rebound and shut at 73.61 against the U.S. dollar.

Forex traders said investors would search for cues from the primary presidential debate between U.S. President Donald Trump and Democratic candidate Joe Biden, set for Tuesday.

“The market would anticipate to how Biden stands up to Trump. President Trump would want to consolidate his Republican base, touching upon issues which resonate most with them,” said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further said that “today (Monday) is that the September Currency derivatives expiry. We could see some selling at RBI fix. Month-end exporter selling could limit up side in USD-INR. it’s likely to trade 73.50-73.85 range intraday.”

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16% to 94.48.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 343.64 points higher at 37,732.30 and therefore the broader NSE Nifty rose 103.90 points to 11,154.15.

Foreign institutional investors were net sellers within the capital market as they offloaded shares worth ₹2,080.21 crore on a net basis on Friday, consistent with provisional exchange data.

Brent crude futures, the worldwide oil benchmark, fell 0.72% to USD 41.62 per barrel

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