Rupee surges 23 paise to 75.67 against U.S. dollar in early trade

On March 30, the rupee dropped by 17 paise to close at 75.90 against the U.S. dollar

The rupee advanced 23 paise to 75.67 against the U.S. dollar in the opening trade on March 31, supported by positive domestic equities and a fall in crude oil prices.

At the interbank foreign exchange, the rupee opened at 75.67 against the U.S. dollar, registering a rise of 23 paise from the previous close.

On March 30, the rupee dropped by 17 paise to close at 75.90 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.14% to 97.92.

Global oil benchmark Brent crude futures fell 4.54% to $108.30 per barrel after reports surfaced that U.S. President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve to control energy prices.

Meanwhile, the International Monetary Fund on Wednesday said that India has received a record number of foreign direct investments during the last few years despite the COVID-19 crisis, and has quite a few safeguards in place to mitigate the risks from capital flows.

On the domestic equity market front, the 30-share Sensex was trading 152.24 points or 0.26% higher at 58,836.23, while the broader NSE Nifty surged 44.40 points, or 0.25%, to 17,542.65.