Rupee trades at 74.80 against US Dollar

9 Feb 2022 , 04:22 PM

The Indian rupee gained in the early morning trade against the U.S. dollar amid firm domestic equities and weak American currency. Currently, the rupee is trading at 74.80 against US Dollar ahead of RBI monetary policy decision due tomorrow.

At the interbank foreign exchange, the rupee opened at 74.70 against the American dollar and then inched higher to quote 74.68, registering a rise of 6 paise from the last close.

The domestic unit on Tuesday had settled at 74.74 against the U.S. dollar.

Further, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11% lower at 95.53. The yield on 10-year Treasuries topped 1.97% on Tuesday, the highest since November 2019 and a jump from about 1.73% just two weeks ago.

Besides, foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth $1,967.89cr.

Meanwhile, the Reserve Bank of India (RBI)s rate-setting Monetary Policy Committee (MPC) meeting commenced on February 8, 2022 and the outcome would be announced on February 10, 2022.