Indian rupee recovers after hitting 75 against dollar

The dollar index slipped 0.21% to 96.14.

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Reuters
Reuters

Published: Tue 30 Nov 2021, 9:45 AM

The Indian rupee recovered 21 paise to 74.86 against the US dollar (20.39 versus the UAE dirham) at the opening of the market on Tuesday, as positive Indian equities and a weak dollar in the overseas markets boosted investor sentiments.

At the Indian interbank foreign exchange, the rupee opened on a strong note at 74.91, then surged higher to 74.86 against the dollar, registering a rise of 21 paise in the early deals.

The rupee on Monday dived 18 paise to close at a five-week low of 75.07 against the US dollar on worries over the new coronavirus variant.

The appreciation bias in the rupee might be curtailed, as investor concern has resurfaced about how much damage the new Omicron coronavirus variant may unleash on the economy, traders said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.21 per cent to 96.14.

On the Indian equity market front, the 30-share Sensex was trading 666.58 points or 1.16 per cent higher at 57,927.16, while the broader NSE Nifty jumped 199.65 points or 1.17 per cent to 17,253.60.

(with inputs from PTI)


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