Rupee opens on flat note, inches 4 paise higher to 74.39 against US dollar in early trade

Rupee opens on flat note, inches 4 paise higher to 74.39 against US dollar in early trade

PTIUpdated: Wednesday, August 11, 2021, 11:16 AM IST
article-image
At the interbank foreign exchange, the rupee opened at 74.43 against the dollar, then inched 4 paise higher to 74.39. Money/ Representational Image | File photo

The Indian rupee opened on a flat note and inched 4 paise higher to 74.39 against the US dollar in opening trade on Wednesday, amid a negative trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 74.43 against the dollar, then inched 4 paise higher to 74.39.

On Tuesday, the rupee had settled at 74.43 against the US dollar.

Global oil benchmark Brent crude futures fell 0.25 per cent to $70.45 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.03 per cent at 93.08.

Forex traders said foreign fund outflows and a negative trend in domestic equities is likely to weigh on the local unit.

On the domestic equity market front, BSE Sensex was trading 218.9 points or 0.40 per cent lower at 54,335.76, while the broader NSE Nifty declined 68.25 points or 0.42 per cent to 16,211.85.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 178.51 crore, as per exchange data.

"The current crop of IPOs is not showing interest from FPIs so flows are limited. Exporters to wait for 74.50 to sell, while importers to buy near 74.30 and below. Tapering issue to continue as we await for the US CPI data this evening," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

RECENT STORIES

India’s Diwali Sales Hit Record ₹6.05 Lakh Crore, Driven By Strong Consumer Demand: CAIT

India’s Diwali Sales Hit Record ₹6.05 Lakh Crore, Driven By Strong Consumer Demand: CAIT

Diwali 2025: Festive Season Ends With 24 Per Cent Surge In E-Commerce Orders; Quick Commerce Leads...

Diwali 2025: Festive Season Ends With 24 Per Cent Surge In E-Commerce Orders; Quick Commerce Leads...

Ola Electric Shares Fall After CEO Bhavish Aggarwal Named In Employee Suicide Case FIR

Ola Electric Shares Fall After CEO Bhavish Aggarwal Named In Employee Suicide Case FIR

Jindal Steel's Delegation To Visit Germany For Financial Evaluation Of Thyssenkrupp's Assets

Jindal Steel's Delegation To Visit Germany For Financial Evaluation Of Thyssenkrupp's Assets

New IPO Alert: Avaada Electro Files For ₹10,000 Crore IPO, Eyes Solar Manufacturing Expansion

New IPO Alert: Avaada Electro Files For ₹10,000 Crore IPO, Eyes Solar Manufacturing Expansion