Rupee surges 15 paise to 73.59 against U.S. dollar in early trade

The Indian rupee appreciated 15 paise to 73.59 against the U.S. dollar in opening trade on September 21, tracking the weakness of the American currency in the overseas market.

At the interbank foreign exchange, the rupee opened at 73.74 against the dollar, then edged higher to 73.59, up 15 paise over its previous close.

On September 20, the rupee had settled at 73.74 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09% to 93.19.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth ₹92.54 crore, as per exchange data.

On the domestic equity market front, BSE Sensex was trading 73.95 points or 0.13% lower at 58,416.98, while the broader NSE Nifty declined 1.30 points or 0.01% to 17,395.60.

Meanwhile, global oil benchmark Brent crude futures rose 0.88% to $74.57 per barrel.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the Federal Open Market Committee (FOMC) starting Tuesday should give some direction to the range-bound market by tomorrow morning.

“Exporters to keep selling the uptick while importers may get a chance to buy below 73.50 level,” Mr. Bhansali said.