Rupee rises 29 paise to 71.15 in early trade on high selling of US dollar by exporters, banks

Mumbai: The rupee rose 29 paise to 71.15 against the US dollar in early session on Wednesday on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets. [caption id=“attachment_5114261” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] At the Interbank forex market, the rupee opened higher at 71.19 and advanced further to quote 29 paise higher at 71.15 against the dollar. Besides, the dollar falling against other currencies overseas on lingering worries about a global slowdown and continuing US-China trade tensions, supported the Indian rupee, forex dealers said. However, sustained foreign fund outflows capped the gains, they added. On Tuesday, the rupee had skidded by 16 paise — its third straight session of loss — to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities. Foreign portfolio investors (FPIs) sold shares worth a net of Rs 78.53 crore, and domestic institutional investors (DIIs) were sellers to the tune of Rs 84.15 crore on Tuesday, provisional data showed. Meanwhile, the benchmark BSE Sensex rose 37.05 points, or 0.10 percent, to 36,481.69 after rising to 36,521.47 in opening trade.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.