Mumbai: Rupee appreciates 11 Paise to 74.17 against the US dollar in opening trading on Thursday, because it reduces the price of crude oil and weak American currencies in foreign markets to encourage investor sentiment.
However, sales pressure in domestic equity limits the increase in rupees, the word dealer forex.
In the interbank foreign exchange, Rupee opened strongly at 74.10 but weakened to quote 74.17 against the US dollar, an increase of 11 Paise in the initial session.
On Wednesday, Rupee was closed at 74.28 against the US dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, slipped 0.09 percent to 95.74.
Global Oil Benchmark Brent Crude futures fell 0.52 percent to USD 79.86 per barrel.
At the front of the domestic equity market, Sensex 30-shares traded 390.47 points or 0.65 percent lower at 59,617.86, while the wider NIFTY NIFTY decreased by 134.15 points or 0.764.50.
Investor foreign institutions are clean sellers in the capital market on Wednesday because they lowered shares worth RS 344.35 Crore, according to data exchange.
Rupee obtained 11 Paise to 74.17 against the US dollar at the beginning of trade
