Rupee increases 22 paise to 74.76 against US dollar at start of trade

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The Indian rupee appreciated 22 paise to 74.76 against the US dollar when trade opened on Thursday, following a positive trend in domestic stocks.

In the interbank forex market, the rupee opened at 74.77 against the dollar, then edged up to 74.76, registering a 22 paise rise from its previous close.

The Indian rupee suffered its largest single-day decline in six months on Wednesday, losing 54 paise against the US dollar to end at 74.98.

Forex traders said market participants also remained cautious ahead of the important RBI policy statement due to be released this Friday.

The Reserve Bank’s rate-setting panel began its three-day deliberations on the next bimonthly monetary policy on Wednesday, amid rising global commodity prices and the need to contain inflation in the country.

The decision of the six members of the Monetary Policy Committee (MPC) will be announced on Friday by RBI Governor Shaktikanta Das.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.04% to 94.22.

Foreign institutional investors were net sellers in the capital market on Wednesday as they shied away from shares worth Rs 802.81 crore, according to exchange data.

On the national stock market front, BSE Sensex traded 541.8 points or 0.92% higher at 59,731.53, while the broader NSE Nifty index rose 162.90 points or 0, 92% at 17,808.90.

Futures on global benchmark Brent crude oil fell 0.47% to $ 80.70 per barrel.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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