Rupee Rises 22 Paise To 74.76 Against US Dollar In Early Trade

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The Indian rupee appreciated 22 paise to 74.76 against the US dollar in opening trade on Thursday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 74.77 against the dollar, then inched higher to 74.76 registering a rise of 22 paise over its previous close.

On Wednesday, the Indian rupee suffered its biggest single-day drop in six months, losing 54 paise against the US dollar to end at 74.98.

Forex traders said market participants remain cautious also ahead of the important RBI policy statement that is scheduled to be released this Friday.

The Reserve Bank’s rate-setting panel started its three-day deliberations on the next bi-monthly monetary policy on Wednesday, amid rising global commodity prices and the need to contain inflation at home.

The decision of the six-member Monetary Policy Committee (MPC) would be announced on Friday by RBI Governor Shaktikanta Das.

(With inputs from PTI)