Rupee rises 7 paise to 70.34 against dollar in early trade on back of easing crude prices

  • The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar

  • Brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 percent.

  • On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar.

Mumbai: The rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.

On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar.

 Rupee rises 7 paise to 70.34 against dollar in early trade on back of easing crude prices

FP photo.

Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade.

Meanwhile, Brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 percent.

Traders said, sustained foreign fund outflows however restricted the rupee up move.

Foreign funds pulled out Rs 344.58 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 10.98 crore Thursday, provisional data showed.

Meanwhile, the benchmark BSE Sensex was trading with gains of 76.24 points, or 0.20 percent to quote at 36,179.14 while the NSE Nifty was trading at 10, 836.90, up 15.30 points, or 0.14 percent.

 

 

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Updated Date: Jan 11, 2019 11:15:03 IST