Rupee gains 16 paise to 73.78 against US dollar in early trade


The rupee appreciated by 16 paise to 73.78 against the in opening trade on Wednesday, supported by the weakening of the American currency in the overseas market and positive domestic equities.

Forex traders said the less hawkish-than-expected statement from Federal Reserve Chairman Jerome Powell calmed fears of aggressive Fed policy tightening and supported emerging market currencies.

At the interbank foreign exchange, the rupee opened at 73.78 against the American dollar, registering a rise of 16 paise from the last close. The local unit also touched 73.90 in early deals.

In the previous session, the rupee had settled at 73.94 against the greenback.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent lower at 95.56.

“The fell from the highs of the session after Federal Reserve…

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