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Rupee gains 16 paise in early trade as greenback comes under pressure on Sino-US trade talk hopes

Mumbai: The rupee firmed 14 paise to 70.98 against the dollar in opening trade on Monday after the greenback came under pressure against some currencies amid foreign fund inflows and a higher opening of domestic equity markets.

 Rupee gains 16 paise in early trade as greenback comes under pressure on Sino-US trade talk hopes

Representational image. Reuters.

Forex dealers said weakness in the dollar against some other currencies overseas as expectations of a trade deal between the US and China, and foreign capital inflows in the domestic equity markets supported the rupee.

At the interbank forex market, the rupee opened with strength at 71 and advanced further to quote 16 paise higher at 70.98 against the dollar.

According to provisional exchange data, foreign portfolio investors (FPIs) bought shares worth a net of Rs 6,311.01 crore on net basis on Friday.

On Friday, the rupee had gained 10 paise to end at 71.14 against the US dollar.

Meanwhile, the benchmark BSE Sensex rose 140.29 points, or 0.38 percent, to 36,011.77 in opening session Monday.

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Updated Date: Feb 25, 2019 11:20:36 IST