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Rupee settles 10 paise higher at 73.91 vs $

The rupee appreciated by 10 paise to close at 73.91 against the US dollar on Wednesday as positive development on the coronavirus vaccine front enthused investor sentiment

GDP boost, foreign fund flows to improve rupee
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GDP boost, foreign fund flows to improve rupee

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Mumbai: The rupee appreciated by 10 paise to close at 73.91 against the US dollar on Wednesday as positive development on the coronavirus vaccine front enthused investor sentiment. At the interbank forex market, the domestic unit opened at 73.98 against the greenback, and witnessed an intra-day high of 73.88 and a low of 74.02. The local unit finally closed at 73.91 against the American currency, registering a rise of 10 paise over its previous close. On Tuesday, the rupee had climbed 10 paise to close at 74.01 against the US dollar.

Traders said risk appetite increased on news that US President-elect Joe Biden plans to nominate former Federal Reserve chairwoman Janet Yellen as treasury secretary. Moreover, a weak American currency in the overseas market also supported the rupee.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.10 per cent to 92.13. Foreign institutional investors were net buyers in the capital market.

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