Indian rupee surges 8 paise to 76.40 against US dollar in early trade

Indian rupee surges 8 paise to 76.40 against US dollar in early trade

At the interbank foreign exchange, the rupee opened at 76.46 against the American dollar, then gained further ground to quote at 76.40, registering a rise of 8 paise from the last close.





May 04, 2022 / 10:02 AM IST





The rupee appreciated 8 paise to 76.40 against the US dollar in opening trade on Wednesday in anticipation of foreign fund inflows through LIC IPO. At the interbank foreign exchange, the rupee opened at 76.46 against the American dollar, then gained further ground to quote at 76.40, registering a rise of 8 paise from the last close.

On Monday, the rupee had settled at 76.48 against the US dollar. The forex market was closed on Tuesday on account of Id-Ul-Fitr.

The government is selling 22,13,74,920 shares in Life Insurance Corporation (LIC) at a price band of Rs 902-949 a share, aiming to raise about Rs 21,000 crore. The issue will open for institutional and retail buyers from May 4 -9. The anchor investor portion of LIC's initial public offering has been fully subscribed, garnering around Rs 5,620 crore.

According to Sriram Iyer, Senior Research Analyst at Reliance Securities, foreign fund inflows from the LIC IPO could offset a strong