Rupee surges 20 paise against US dollar in early trade

TIL Desk/Business/Mumbai/ The rupee surged 20 paise to 77.24 against the US dollar in early trade on Tuesday, as a firm trend in domestic equity markets and receding global crude prices boosted investor sentiment.  Besides, a weak American currency against its global rivals also helped the domestic unit, forex traders said.

 However, rising concerns over higher interest rates and weakness in global economic growth kept the appreciation bias in check, they added. At the interbank foreign exchange, the rupee opened sharply strong at 77.27 against the American dollar, and gained more strength to quote 77.24 in early trade, registering a rise of 20 paise from the last close.

It was moving in the range of 77.22 to 77.29. In the previous session, the rupee had slumped 54 paise to close at an all-time low of 77.44 against the US dollar. The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.07 per cent to 103.58.