Rupee Gains By 29 Paise To End At 75.66 Against Dollar

The rupee depreciated 8 paise to 75.74 against the US dollar in opening trade on Wednesday as market participants were concerned about rising tensions between Washington and Beijing in the wake of the coronavirus pandemic.

Forex traders said rupee was trading in a narrow range as rising optimism about a potential coronavirus vaccine and a revival in business activity was offset by the escalation of US-China tension.

Moreover, strengthening of the American currency overseas and muted opening of domestic equities also weighed on the local unit.