Rupee edges 6 paise higher at 69.66 ahead of Lok Sabha election outcome amid easing crude prices

Mumbai: The rupee on Wednesday saw a marginal 6 paise rise at 69.66 against the US dollar in line with uptrend in equities and easing crude prices, a day ahead of Lok Sabha polls outcome.

However, foreign fund outflows dampened the sentiment of forex traders, the dealers said.

At the interbank foreign exchange, the domestic unit opened higher at 69.70 and further went to touch the day's high of 69.62.

 Rupee edges 6 paise higher at 69.66 ahead of Lok Sabha election outcome amid easing crude prices

Representational image. Reuters.

The local currency, however, pared gains to finally settle at 69.66, registering a rise of 6 paise over its previous close. On Tuesday, the domestic unit had closed 2 paise higher at 69.72.

Meanwhile, government bonds rose, leading to 0.60 percent drop in yield to 7.26 percent.

The US currency was trading weak in the overseas market as the dollar index fell 0.07 percent to 97.99 against its six global rivals.

On domestic bourses, the Sensex ended 140.41 points, or 0.36 percent, higher at 39,110.21, and the broader NSE Nifty rose 28.80 points, or 0.25 percent, to 11,737.90.

Foreign institutional investors (FIIs) emerged as net sellers in the capital markets, pulling out Rs 965.02 crore on Wednesday, provisional exchange data showed.

Brent crude, the global benchmark, fell 0.46 percent to trade at 71.85 per barrel.

Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.7291 and for rupee/euro at 77.7242. The reference rate for rupee/British pound was fixed at 88.6220 and for rupee/100 Japanese yen at 63.28.

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Updated Date: May 22, 2019 19:09:52 IST