Rupee surges 13 paise to 74.11 against US dollar in early trade

Representative image. Credit: iStock Photo

The Indian rupee appreciated 13 paise to 74.11 against the US dollar in opening trade on Thursday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 74.22 against the dollar, then surged higher to 74.11, up 13 paise over its previous close.

On Wednesday, the rupee had settled at 74.24 against the US dollar.

Global oil benchmark Brent crude futures fell 0.48 per cent to $71.90 per barrel.

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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.06 per cent at 92.87.

On the domestic equity market front, BSE Sensex was trading 116.17 points or 0.21 per cent higher at 56,060.38, while the broader NSE Nifty advanced 38.50 points or 0.23 per cent to 16,673.15.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,071.83 crore, as per exchange data.

Traders said investors are awaiting cues on the scaling back of the easy monetary policy by the US Federal Reserve ahead of the important Jackson Hole Symposium.

"Jackson Hole Symposium starts today with Jerome Powell’s speech tomorrow. Market is awaiting for his comments before taking the next call on market movement," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.