On Early Trade Rupee Surges 12 Paise To 74.25 Against US Dollar
- ByStartupStory | June 23, 2021
The Indian rupee increased by 12 paise to 74.25 against the US dollar in early trade on Wednesday despite the domestic equity market was trading with significant losses. Traders said the Federal Reserve Chair Jerome Powell’s comments that the US central bank will not raise interest rates too quickly supported investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 74.26 against the dollar, then inched higher to 74.25, registering an increase of 12 paise over its previous close. Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors said ‘Fed Chairman Powell yesterday called the market by saying that Fed will not raise interest rates just on inflation and continued to say that inflation is more transitory.’
He has further said, the USD-INR crossed the level of 74.25 on sustained buying by oil companies and this level may now act as support. Global oil benchmark Brent crude futures rose 0.65 per cent to USD 75.30 per barrel.On the domestic equity market front, NSE Nifty declined 37.15 points or 0.24 percent to 15,735.60, whereas BSE Sensex was trading at 128.48 points or 0.24 percent lower at 52,460.23,
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