The rupee opened 10 paise higher at $ 73.20 against the US dollar on Tuesday in support of positive domestic equities and strong Asian currencies.
In the interbank forex market, the local unit opened at 73.22 against the US dollar, then at a high of 73.20 against the greenback, a 10 paise increase from its previous close.
The rupee had closed at 73.30 against the US currency on Monday.
Reliance Securities said in a research note, “However, appreciation bias may overshadow concerns between COVID-19 cases and subsequent lockdown increases in some states.”
The note added that Asian currencies were strong on Tuesday morning.
On the domestic stock market front, the 30-share BSE benchmark Sensex gained 270.03 points to trade at 49,429.35 and the broader NSE Nifty was up 85.45 points at 14,723.25.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, rose 0.05% to 92.64.
Brent crude futures, the global oil benchmark, rose 0.76% to $ 62.62 a barrel.
Foreign institutional investors were net sellers in the capital market on Monday, as they closed shares worth 6 931.66 crore, according to exchange data.
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