The Indian rupee advanced by 22 paise to 74.44 against the U.S. dollar in opening trade on April 28, as a positive trend in equity markets lifted investor sentiment.<\/p>\n
Forex traders said the appreciation in the local unit could be restricted amid a sharp rise coronavirus infections and fatalities in the country and as investors await the U.S. Federal Reserve\u2019s monetary policy outcome.<\/p>\n
At the interbank forex market, the local unit opened flat at 74.49 against the U.S. dollar, then gained some strength to quote at 74.44, a rise of 22 paise over its last close.<\/p>\n
In the previous session, the rupee had settled at 74.66 against the American currency.<\/p>\n
\u201cA rebound of the U.S. dollar and rise coronavirus infections and fatalities climbing to another record high in India could keep appreciation bias limited,\u201d Reliance Securities said in a research note.<\/p>\n
Additionally, month-end dollar demand from importers and traders looking to take profits on short positions on the U.S. currency could also cap appreciation bias, it added.<\/p>\n
The dollar index, which gauges the greenback\u2019s strength against a basket of six currencies, rose 0.10% to 91.<\/p>\n
\u201cThe U.S. dollar Index was trading higher this morning in Asian trade tracking the strength of the bond yields ahead of the Fed meeting outcome,\u201d the Reliance Securities note said.<\/p>\n
Besides the Fed, investors are looking to U.S. President Joe Biden\u2019s first address to a joint session of Congress.<\/p>\n
Global oil benchmark, Brent crude futures, rose 0.05% to $66.45 per barrel.<\/p>\n
On the domestic equity market front, the BSE Sensex was trading 382.66 points or 0.78% higher at 49,326.80 in early deals, while the broader NSE Nifty rose 104.55 points or 0.71% to 14,757.60.<\/p>\n
Foreign institutional investors were net sellers in the capital market on April 27 as they sold shares worth \u20b91,454.75 crore, as per exchange data.<\/p>\n