Rupee settles 17 paise higher at 74.74 against U.S. dollar

It had settled at 74.91 against the U.S. dollar on Monday

The rupee appreciated 17 paise to close at 74.74 (provisional) against the U.S. dollar on Tuesday tracking positive domestic equities and hopes of a COVID-19 vaccine.

At the interbank forex market, the domestic unit opened on a strong note at 74.79 against U.S. dollar.

During the session, it touched an intra-day high of 74.73 and a low of 74.87 against the U.S. dollar and finally settled at 74.74, up 17 paise over its previous close.

It had settled at 74.91 against the U.S. dollar on Monday.

Forex traders said positive domestic equities, foreign fund inflows and hopes of a COVID-19 vaccine supported the rupee.

A coronavirus vaccine created by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of human trials.

In India, AIIMS-Delhi on Monday began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03% to 95.80.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 490.70 points higher at 37,909.69 and broader NSE Nifty rose 132.80 points to 11,155.00.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,709.97 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.71% to $44.02 per barrel.

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