Rupee rises 21 paise to 73.32 against US dollar in early trade

The rupee strengthened by 21 paise to 73.32 against the US dollar in opening trade supported by weak American currency and positive domestic equities

The rupee strengthened by 21 paise to 73.32 against the US dollar in opening trade on Monday supported by weak American currency and positive domestic equities.

At the interbank forex market, the domestic unit opened at 73.40 against the US dollar, gained further ground to touch 73.32 against the US dollar, registering a rise of 21 paise over its previous close.

On Friday, the rupee had settled at 73.53 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 93.19.

Meanwhile, a COVID-19 vaccine is likely to be available by early next year and the government is considering its emergency authorisation for high-risk people, Union Minister Harsh Vardhan Sunday said, asserting he will take the first shot to address any trust deficit over its safety.

According to a Health Ministry statement, he said while no date has been fixed for the launch of a vaccine, it may be ready by the first quarter of 2021, and made available first to those who need it the most, irrespective of their paying capacity.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 299.17 points higher at 39,153.72, and the broader NSE Nifty advanced 81.75 points to 11,546.20.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,175.81 crore on a net basis on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 39.98 per barrel.