Rupee rises 6 paise to 68.92 against dollar in early trade amid positive opening in domestic equity market

The rupee is expected to trade in a narrow range ahead of the much crucial European Central Bank policy statement to be released later on Thursday.

Press Trust of India July 25, 2019 12:39:42 IST
Rupee rises 6 paise to 68.92 against dollar in early trade amid positive opening in domestic equity market
  • Forex traders said heavy buying in domestic equity market supported the domestic unit,

  • At the interbank foreign exchange, the rupee opened at 68.99, then gained momentum and touched a high of 68.92

  • The domestic currency had settled at 68.98 against the US dollar on Wednesday

Mumbai: The rupee appreciated by 6 paise to 68.92 against the US dollar in early trade on Thursday amid positive opening in domestic equity market.

Forex traders said heavy buying in domestic equity market supported the domestic unit, however, foreign fund outflows and rising crude oil prices weighed on local currency.

Besides, the rupee is expected to trade in a narrow range ahead of the much crucial European Central Bank (ECB) policy statement to be released later on Thursday.

Rupee rises 6 paise to 6892 against dollar in early trade amid positive opening in domestic equity market

Representational image. Reuters.

At the interbank foreign exchange, the rupee opened at 68.99, then gained momentum and touched a high of 68.92, registering a rise of 6 paise over its previous close. The domestic unit was trading at 68.96 against the dollar at 0949 hrs.

The domestic currency had settled at 68.98 against the US dollar on Wednesday.

Other major global cues that are going to dictate terms to the rupee include the US second-quarter preliminary GDP print on Friday and the Federal Open Market Committee (FOMC) meeting on 31 July, traders said.

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,393.71 crore Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.19 percent to trade at USD 63.30 per barrel.

Domestic bourses opened on a bullish note Thursday with benchmark indices Sensex trading 320.35 points higher at 38,168.00 and Nifty up 83.60 points at 11,354.90.

Meanwhile, market participants are betting on the US and China trade talks next week.

The US and Chinese officials are restarting negotiations in Shanghai on Tuesday and on Wednesday, in an effort to resolve the year-long trade dispute The dialogue.

Updated Date:

also read

All’s not well in the Middle Kingdom: China finds itself internally divided and globally isolated
World

All’s not well in the Middle Kingdom: China finds itself internally divided and globally isolated

Economically, strategically and even politically, China finds itself in a fix today. If it doesn’t mend its way, it would soon find its superpower dream going kaput.

Fitch Ratings cuts India's economic growth forecast to 8.7%, cites COVID-19 impact
Business

Fitch Ratings cuts India's economic growth forecast to 8.7%, cites COVID-19 impact

The projections for 2021-22 fiscal compares to a contraction of 7.3 percent recorded in the last financial year and a four percent growth in 2019-20

India becoming $5 trillion economy by 2025 'impossible' due to COVID-19 pandemic, says ex-RBI governor C Rangarajan
Business

India becoming $5 trillion economy by 2025 'impossible' due to COVID-19 pandemic, says ex-RBI governor C Rangarajan

India indeed needs a faster rate of growth to make up for the loss of output in the previous two years from the trend rate and must lay the foundation for faster growth in this year itself, the economist said