Rupee rises 16 paise to 68.53 in early trade driven by positive opening in domestic equities, easing oil prices

  • On Friday, the rupee had settled at 68.69 against the US dollar

  • Foreign fund outflows weighed on the domestic currency and restricted the upmove

  • Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 850.11 crore on Friday

Mumbai: The rupee appreciated by 16 paise to 68.53 against the US dollar in opening trade on Monday, driven by positive opening in domestic equities and easing crude oil prices.

The rupee opened strong at 68.59 at the interbank forex market then gained further ground to touch 68.53 per dollar, displaying gains of 16 paise over its previous close.

 Rupee rises 16 paise to 68.53 in early trade driven by positive opening in domestic equities, easing oil prices

Representational image. Reuters.

On Friday, the rupee had settled at 68.69 against the US dollar.

Forex dealers said, easing crude oil prices and positive opening in domestic equities supported the rupee. However, foreign fund outflows weighed on the domestic currency and restricted the upmove.

Brent crude, the global benchmark, was trading at 66.64 per barrel lower by 0.12 percent.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 850.11 crore on Friday, as per provisional data.

Traders said the currency market is expected to witness volatility ahead of the release of WPI inflation numbers.

Meanwhile, the benchmark BSE Sensex opened on a positive note and was trading with gains of 138.45 points, or 0.36 percent to quote at 38,874.68 while the NSE Nifty was trading at 11,584.05, up 31.55 points, or 0.27 percent.

Updated Date: Jul 15, 2019 12:14:20 IST