Rupee surges 10 paise to 74.37 against US dollar in early trade

After logging its biggest single-day fall in nearly two years on Wednesday, the rupee appreciated by 10 paise to 74.37 against the US dollar in opening trade on Thursday supported by positive domestic equities and weak American currency. At the interbank forex market, the local unit opened at 74.38 against the US dollar, then inched higher to 74.37 against the greenback, registering a rise of 10 paise over its previous close of 74.47. On Wednesday, the Indian rupee nosedived 105 paise to mark its biggest single-session drop in over 20 months against the US currency amid concerns over surging COVID-19 cases in the country.