Rupee gains 14 paise to 75.12 against US dollar in early trade

The rupee appreciated 14 paise to 75.12 against the US dollar in opening trade on Friday, as risk appetite improved amid easing fears of fallout from the Omicron coronavirus variant.

At the interbank foreign exchange, the rupee opened strong at 75.12 against the American dollar, registering a rise of 14 paise from the last close.

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On Thursday, the rupee climbed 28 paise to close at 75.26 against the US dollar.

According to a new analysis by the UK Health Security Agency (UKHSA) released on Thursday, Omicron is less severe than the Delta variant.

The findings coincide with two other studies based on real-world COVID-19 UK data, which also report that the Omicron variant is less severe than the Delta variant, with fewer infected people requiring hospitalisation.

Forex traders said ahead of the holidays and extended long weekend in the United States, most major currency pairs are trading in narrow ranges.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.06 per cent to 96.01.

Meanwhile, on the domestic equity market front, the 30-share Sensex was trading 343.76 points or 0.60 per cent lower at 56,971.52, while the broader NSE Nifty declined 114.80 points or 0.67 per cent to 16,957.80.

Global oil benchmark Brent crude futures fell 1.09 per cent to USD 76.01 per barrel.

Foreign institutional investors remained net sellers in the capital market on Thursday, as they offloaded shares worth Rs 271.59 crore, as per exchange data.