Rupee rises 4 paise to 75.69 against U.S. dollar in early trade

The rupee appreciated 4 paise to 75.69 against the U.S. dollar in the opening trade on March 30, following a rally in domestic equities amid hopes of a breakthrough in Russia-Ukraine talks.

A weak American currency in the international market also helped the local unit, Forex traders said.

However, surging global crude prices restricted the gains of the domestic currency, they added.

At the interbank foreign exchange, the rupee opened strong at 75.65 against the U.S. dollar but lost some ground to quote at 75.69, a rise of 4 paise over the last close.

It was moving in a close range of 75.69 and 75.62 in the morning trade.

In the previous session, the rupee had settled at 75.73 against the greenback.

Meanwhile, global oil benchmark Brent crude futures surged 1.02% to $111.35 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.24% to 98.20.

On the domestic equity market front, the 30-share Sensex was trading 471 points or 0.81% higher at 58,414.94 while the broader NSE Nifty surged 125.65 points, or 0.73% to 17,450.95.

After Tuesday’s talks between Ukrainian and Russian officials, Moscow announced that it will reduce military operations near Kyiv and Chernihiv.

Foreign institutional investors were net buyers in the capital market on Tuesday as they bought shares worth ₹35.47 crore, according to stock exchange data.