Major Russian fund to ditch dollar, buy euros, yuan, gold
Major Russian fund to ditch dollar, buy euros, yuan, gold
NikolayFrolochkin

The rupee started on a flat note this Friday against the greenback and inched 4 paise higher to 74.14 against the US dollar in early trade tracking a muted trend in the domestic equity market.

At the interbank foreign exchange, the domestic unit opened at 74.15 against the dollar, then inched higher to 74.14, registering a gain of 4 paise over its previous close. The local unit also witnessed a low of 74.19 in initial deals.

On Thursday, the rupee had settled at 74.18 against the dollar.

Global oil benchmark Brent crude futures rose 0.16 percent to $75.68 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 percent down at 91.76.

Asian currencies have started flat to marginally stronger against the greenback this Friday morning and could cap weakness, however, firm crude oil prices could cap appreciation bias, Reliance Securities said in a research note.

Meanwhile, the Reserve Bank of India will release dollar reserves data after-market hours. Additionally, trade deficit, current account deficit, balance of payments data will also be released after-market hours this Friday.

On the domestic equity market front, BSE Sensex was trading 35.88 points or 0.07 percent lower at 52,663.12, while the broader NSE Nifty declined 5.70 points or 0.04 percent to 15,784.75.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,890.94 crore, as per exchange data.

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