The Indian rupee opened on a flat note and rose 5 points to 73.80 against the US dollar when trade opened on Wednesday as investors focused on the RBI governor’s speech.

In the interbank forex market, the local unit opened at 73.80 against the US dollar, reflecting a 5 paise rise on its last close. The local unit also hit a low of 73.86 in initial trades.

On Tuesday, the rupee stood at 73.85 against the US dollar.

The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.09% to 91.20.

Investors focus on RBI governor’s press conference. RBI is currently assessing the exact impact of the second wave of COVID, said Kshitij Purohit, international commodities and commodities leader at CapitalVia Global Research.

Governor Shaktikanta Das said the RBI will continue to monitor the situation since the resurgence of COVID-19 cases and deploy all resources. “We must mobilize our resources to fight the virus vigorously,” he said.

The governor also announced priority loans of ₹ 50,000 crore by banks for hospitals and oxygen providers, among others, by March 31, 2022.

A record 3,780 fresh COVID-19 deaths were recorded in a single day in India, bringing the death toll to 2.26,188, while 3.82,315 new coronavirus infections were recorded, according to data from the Ministry of Union health updates Wednesday.

Global oil benchmark Brent crude futures rose 0.71% to $ 69.37 per barrel.

On the domestic stock market front, BSE Sensex traded 169.95 points or 0.35% higher at 48,423.46 while the larger NSE Nifty rose 52.10 points or 0.36% to 14 548.60.

Foreign institutional investors were net sellers in the capital market on Tuesday as they sold shares worth ₹ 1,772.37 crore, according to exchange data.