Rupee rises 5 paise to 75.13 against US dollar in early trade

Mumbai: The rupee appreciated 5 paise to 75.13 against the US dollar in opening trade on Friday tracking positive domestic equities and weakening of the American currency.

At the interbank forex market, the domestic unit slipped 7 paise to 75.25 against US dollar in opening trade, but soon recouped the losses amid high volatility and touched 75.13 against the US dollar, gaining 5 paise over its previous close.

It had settled at 75.18 against the US dollar on Thursday.

Forex traders said positive opening in domestic equities and weak American currency supported the rupee, while foreign fund outflows and rising COVID-19 cases weighed on the local unit down.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 96.25.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 198.41 points higher at 36,670.09 and broader NSE Nifty rose 71.10 points to 10,811.05.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,091.08 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.21 per cent to USD 43.28 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.37 crore and the death toll has topped 5.89 lakh.

In India, the death toll due the disease rose to 25,602 and the number of infections rose to 10,03,832, according to the health ministry.

INPUTS: PTI