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Rupee rises 11 paise to 73.84 against US dollar

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters.

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The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters.

At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close.

The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said.

Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added.

On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows.

The Finance Ministry Wednesday said the government has "nurtured and respected" autonomy of the central bank and has been holding extensive consultations with it on many issues.

On the economy front, the Goods and Services Tax (GST) collections for October crossed Rs 1-lakh crore mark, while India leapfrogged 23 places to the 77th rank in World Bank's latest Ease of Doing Business rankings. 

Manufacturing PMI also strengthened in October as firms scaled up production and employment amid strong rise in new business order flows.

"Rupee reacted positively with a sharp appreciation of 50 paise against the dollar. Today's gain is the highest one day gain for rupee against dollar since October 12, 2018," said V K Sharma, Head PCG & Capital Markets Group, HDFC Securities.

Crude oil prices moderated amid increase in supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

Brent crude, the international benchmark, was trading 0.95 per cent lower at USD 74.33 per barrel.

Meanwhile, the benchmark Sensex went up 149.36 points, or 0.44 per cent, to 34,591.41 in opening trade. 

In the first few minutes of trade, the Sensex traded at 34,743.95, up 311.98 points or 0.91 per cent, and the Nifty at 10,462.30, with a gain of 81.85 points or 0.79 per cent.

At its day's high of 34,757.35 so far, the Sensex surged 325.38 points. Nifty's intraday high so far was 10,472.90 as it surged as much as 92.45 points.

The top five Nifty gainers were Bharat Petroleum, Yes Bank, Asian Paints, Indian Oil, and Hero MotoCorp.

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