Rupee gains 38 paise ahead of Union Budget announcement

1 Feb 2022 , 10:58 AM

The Indian currency gained 15 paise in early morning trade on Tuesday as the domestic markets eye better inflows into high profile Initial Public Offerings (IPOs). At the interbank forex, rupee opened higher at 74.78/$ and strengthened further to 74.54/$ so far, gaining over 38 paise in today’s trade.

On the domestic front, Indian equities are trading flat ahead of the Union Budget announcement for which updates will be received soon. BSE Sensex was seen at 58,760.62 points up by 746.65 points or 1.29%, against the previous closing of 58.014.17 points. While NSE Nifty was last seen at 17,568 points against 17,339 points, gaining 229 points so far in today’s trade.

On the international front, the US Dollar index also gained strength against the six currencies and was last seen at 96.57 levels, up by 0.03% since the previous closing. The global oil benchmark — Global crude oil future was trading at $89.20 per barrel, gaining $0.68 since the last closing.

The Indian currency is likely to be traded in the levels 74.50-75 today as Policy Bazaar and Nykaa inflows hit the market.