Rupee rises 12 paise to 69.71 against dollar in early trade on positive opening in domestic equities

The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar

Press Trust of India May 30, 2019 11:09:11 IST
Rupee rises 12 paise to 69.71 against dollar in early trade on positive opening in domestic equities
  • The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar

  • Forex dealers said selling of the American currency by exporters supported the rupee

  • On Wednesday, the rupee had settled at 69.83 against the US dollar

Mumbai: The rupee appreciated by 12 paise to 69.71 against the US dollar in opening trade on Thursday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar amid positive opening in domestic equities, displaying gains of 12 paise against the greenback.

On Wednesday, the rupee had settled at 69.83 against the US dollar.

Forex dealers said selling of the American currency by exporters supported the rupee.

However, rising crude oil prices and foreign fund outflows weighed on the domestic currency.

Rupee rises 12 paise to 6971 against dollar in early trade on positive opening in domestic equities

Representational image. Reuters.

Foreign funds pulled out Rs 304.27 crore in the capital markets on a net basis Wednesday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 161.18 points, or 0.41 percent to quote at 39,663.23 while the NSE Nifty was trading at 11,903.90, up 42.80 points, or 0.36 percent.

Meanwhile, Brent crude, the global benchmark, was trading at 69.62 per barrel higher by 0.24 percent.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 percent to 98.12.

Meanwhile, Prime Minister Narendra Modi will take oath along with a new council of ministers on Thursday for a second term, as suspense mounted on who will get the Big Four berths--Home, Finance, Defence and External Affairs.

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