Rupee surges 26 paise to 74.10 against US dollar in early trade

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The Indian rupee appreciated by 26 paise to 74.10 against the US dollar in opening trade on Thursday, tracking positive domestic equities and weak American currency. At the interbank forex market, the local unit opened at 74.20 against the US dollar, then gained further and touched 74.10, registering a rise of 26 paise over its previous close.

On Wednesday, the rupee had settled at 74.36 against the American currency. The rupee started on a stronger note against the greenback after the dovish statement by the US Federal Reserve weighed on the greenback, Reliance Securities said in a research note adding that the strength of the equity markets also supported the local unit. The US Fed kept policy rates and asset purchases unchanged. The Fed acknowledged the pick-up in economic activity and employment.