Rupee rises 14 paise to 75.12 against US dollar in early trade

The rupee appreciated 14 paise to 75.12 against the US dollar in opening trade on Friday, as risk appetite improved amid easing fears of fallout from the Omicron coronavirus variant. At the interbank foreign exchange, the rupee opened strong at 75.12 against the American dollar, registering a rise of 14 paise from the last close.

On Thursday, the rupee climbed 28 paise to close at 75.26 against the US dollar. According to a new analysis by the UK Health Security Agency (UKHSA) released on Thursday, Omicron is less severe than the Delta variant.

The findings coincide with two other studies based on real-world COVID-19 UK data, which also report that the Omicron variant is less severe than the Delta variant, with fewer infected people requiring hospitalisation. Forex traders said ahead of the holidays and extended long weekend in the United States, most major currency pairs are trading in narrow ranges.