Indian rupee opens higher in early trade
Investors await US GDP and job data, which are likely to be released later today
The Indian rupee opened higher on Thursday (May 27) morning by four paise to 72.73 against the US dollar (19.81 versus UAE dirham) due to the dollar index opening flat and investors awaiting US gross domestic product (GDP) and job data.
Indian equity markets also opened flat on Thursday morning.
“Most Asian currencies have started mostly weak against the US dollar this morning and will await data,” Reliance Securities said in a daily note on the performance of the Indian market.
“The US Dollar Index has started on a flat note in Asian trade as emerging views the Federal Reserve is slowly but surely edging towards a discussion about tightening monetary policy, and as traders await crucial US inflation data this week,” the note added.
The dollar index was nearly flat at 90.05, up 0.01 per cent on Thursday morning.
India’s 30-share Bombay Stock Exchange Sensex was up nearly seven points or 0.01 per cent higher at 51,024 points while the broader 50-share NSE Nifty gained 12.7 points or 0.08 per cent to 15,314 points at the opening of the trade.
The decline in the number of daily Covid-19 cases is also supporting the Indian markets.
On Thursday, India reported Covid-19 cases rising by 211,298 in a day, while the country’s recovery was recorded at 90 per cent.
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