Rupee advacnes 23 paise to 75.67 against US dollar in early trade

The rupee advanced 23 paise to 75.67 against the US dollar in the opening trade on Thursday, 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 US dollar, registering a rise of 23 paise from the previous close.

On Wednesday, the rupee dropped by 17 paise to close at 75.90 against the US dollar.

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

Global oil benchmark Brent crude futures fell 4.54 per cent to USD 108.30 per barrel after reports surfaced that US 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 per cent higher at 58,836.23, while the broader NSE Nifty surged 44.40 points, or 0.25 per cent, to 17,542.65.

Foreign institutional investors remained net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,357.47 crore, according to stock exchange data.