Rupee advances 10 paise to Rs 72.49 against dollar in early trade as exporters, banks sell US currency
The rupee on Thursday ended almost flat at 72.59 against the US dollar after strong initial gains were erased by fag-end dollar demand from importers
Mumbai: The rupee rose by 10 paise to 72.49 against the dollar in early trade Friday amid fresh selling of the American currency by exporters and banks.
Forex dealers said, apart from weakness in the dollar against some currencies overseas despite upbeat US economic data, fresh foreign fund inflows supported the rupee.
According to the provisional exchange data, FPIs invested Rs 552.44 crore on a net basis in equities on Thursday.
A higher opening of the stock market also supported the rupee, a dealer said.
The benchmark BSE Sensex recovered by 181.95 points, or 0.50 percent, to 36,506.12 in early trade Friday.
The rupee on Thursday ended almost flat at 72.59 against the US dollar after strong initial gains were erased by fag-end dollar demand from importers despite government measures to stem currency volatility.
Nureddin Nebati, who replaced Lutfi Elvan, earlier served as deputy finance minister and has expressed his determination to continue the policy of lowering the discount rate
The rupee has been under pressure over the last few trading sessions, as the detection of a new coronavirus variant re-ignited growth concerns and hurt risk appetite
The rupee has been under pressure over the last few trading sessions, as investor concern has resurfaced about how much damage the new Omicron coronavirus variant may unleash on the economy