Rupee opens 14 paise up at 75.77 against dollar

The rupee on Tuesday opened 14 paise higher at 75.77 against the US dollar, following gains in equity market amid firm global cues.

In today’s session, most Asian currencies are trading higher after data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery.

“Rupee is expected quote in the range of 75.20 and 76.20,” brokerage Motilal Oswal Financial Services said in a report.


Dollar fell against its major crosses after drugmaker Moderna Inc said its experimental Covid-19 vaccine showed promising results in a small early-stage trial.

Markets also reacted from Federal Reserve Chair Jerome Powell’s remarks over the weekend on a gradual economic recovery and his affirmation that more monetary stimulus was on the way if required.

Today, from the US focus will be on Fed Chairman’s testimony and dovish comments could keep the gains capped for the greenback.

The local currency slipped over 30 paise on Monday following sharp sell-off in domestic equities and as market participants did not cheer about the stimulus package announced by the Prime Minister Narendra Modi.

Market sentiment got dampened also after the government extended lockdown in the country but with some relief in specific segments.

Market participants expect that the overall slowdown in the economy will reflect in next week’s GDP number that broadly could disappoint.