Rupee opens 14 paise higher at 74.13 against dollar

Rupee opens 14 paise higher at 74.13 against dollar

The Indian rupee opened stronger at 74.13 against the US dollar on November 20, rising 14 paise from the previous day's close.

The rupee closed at 74.27 to the dollar in the previous session, down 8 paise.

Rising equity market and consistent FII inflow supported the Indian currency. But overall the rupee has been trading in a tight range of 74.00-74.75 to the dollar in November as increasing COVID-19 infections in Europe and the United States offset the positive developments on the vaccine front.

"We continue to feel that no major moves are expected in the pair and USDINR would consolidate in the range of 74-74.70. Pandemic and vaccine news have remained at the centre so far. Investors would closely watch developments on this front," ICICI Direct said.

The dollar-rupee November contract on the NSE was at 74.29 in the last session. The open interest fell 4.9 percent for the November series, the brokerage said.