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Rupee rises 20 paise to 75.71 against US dollar in early trade

Forex traders said besides the encouraging results in COVID-19 vaccine trial, higher opening of domestic equities and weakening American currency supported the local unit. 

At the interbank foreign exchange, the rupee opened at 75.71, registering a rise of 20 paise over its previous close. On Monday, the rupee had settled at 75.91 against the US dollar. 

The rupee opened with gains this Tuesday amid improving risk appetite after encouraging data from the trial of a vaccine for COVID-19. Initial data from Moderna Inc’s COVID-19 vaccine showed that it produced protective antibodies in a small group of healthy volunteers,” Reliance Securities said in a research note.

The Indian government on Sunday extended the coronavirus lockdown for two more weeks with the fourth phase providing more relaxations outside containment zones. 

Domestic bourses were trading on a positive note on Tuesday with the benchmark Sensex surging 571.51 points to 30,600.49 and broader Nifty rising 165.60 points to 8,988.85. 

Foreign institutional investors were net sellers in the capital market, as they offloaded equity shares worth Rs 2,512.82 crore on Monday, according to provisional exchange data. 

Meanwhile, in India, the death toll due to COVID-19 rose to 3,163 and the number of cases climbed to over 1.01 lakh, according to the health ministry. 

The number of cases around the world linked to the disease has crossed over 48.05 lakh and the death toll has topped 3.18 lakh.

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