Rupee rises 16 paise to 70.09 in early trade driven by positive opening in domestic equities, weak greenback

Mumbai: The rupee appreciated 16 paise to 70.09 against the US dollar in opening trade on Friday, driven by positive opening in domestic equities and weakening greenback in overseas markets. [caption id=“attachment_5114261” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The rupee opened strong at 70.12 at the interbank forex market, then gained further ground to touch 70.09 per dollar, displaying gains of 16 paise against the greenback. Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee. On Thursday, the rupee had settled at 70.25 against the US dollar. Foreign funds infused Rs 3,785.73 crore in capital market on a net basis, while domestic institutional investors sold shares worth Rs 4,069.98 crore on Thursday, provisional data showed. The benchmark BSE Sensex was trading with gains of 150.56 points, or 0.39 percent, at 38,864.41; while the NSE Nifty was trading at 11,692.05, up 50.25 points, or 0.43 percent. Meanwhile, Brent crude, the global benchmark, was trading at 74.14 per barrel lower by 0.28 percent.