Rupee rises 16 paise to 74.36 against US dollar in early trade

 Rupee rises 16 paise to 74.36 against US dollar in early trade

Mumbai, Nov 12 (PTI) The rupee surged 16 paise to 74.36 against the US dollar in opening trade on Friday as a positive trend in domestic equities supported the local unit.

At the interbank foreign exchange, the rupee opened strong at 74.36 against the dollar, a rise of 16 paise over its previous close.

On Thursday, the rupee had settled at 74.52 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06 per cent to 95.23.

The Indian rupee opened stronger this Friday tracking the recovery in Asian equities and currencies. However, a strengthening dollar could cap appreciation, Reliance Securities said in a research note.

Markets now will look to cues from the domestic inflation number due tonight after market hours. IIP data will provide clues how the economy is doing, the note added.

Global oil benchmark Brent crude futures fell 0.74 per cent to…

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