At the interbank forex market, the local unit opened at 74.76 against the US dollar and then inched higher to 74.70 against the greenback, registering a rise of 23 paise over its previous close.
Representative Image
Mumbai:
The rupee appreciated by 23 paise to 74.70 against the US dollar in opening trade on Friday, supported by positive domestic equities.
At the interbank forex market, the local unit opened at 74.76 against the US dollar and then inched higher to 74.70 against the greenback, registering a rise of 23 paise over its previous close.
On Thursday, the rupee had settled at 74.93 against the American currency.
"Meanwhile, Asian currencies were mostly weaker this Friday and could cap gains," Reliance Securities said in a research note.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 157.2 points higher at 48,960.88, and the broader NSE Nifty advanced 72.25 points to 14,653.70.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 91.74.
"The US Dollar rebounded from Thursday's low and was trading (with) small gains this Friday morning in Asian trade supported by upbeat data and rebounding yields," according to the research note.
Brent crude futures, the global oil benchmark, rose 0.06 per cent to USD 66.98 per barrel.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 979.70 crore on Thursday, according to exchange data.
Conversations