Rupee rises 8 paise to 70.10 against dollar in early trade; choppy trend at stock exchanges limits gains
The dollar was weak against major currencies in global markets which supported the local currency, a currency dealer said.
Mumbai: The rupee gained 8 paise against the US dollar on Monday to trade at 70.10 in on selling of the US currency by exporters and banks.
The dollar was weak against major currencies in global markets which supported the local currency, a currency dealer said, but choppy trend at the stock exchanges limited the gains.
The rupee opened a shade lower at 70.19 a dollar against the previous close of 70.18 a dollar. It moved in a range of 70.21 to 70.12 a dollar in early trade before quoting at 70.10, showing a gain of 8 paise.
On Friday, the rupee snapped its four-day rising streak by falling 48 paise to close at 70.18 against the US currency due to month-end dollar demand and sharp losses in domestic equities.
Meanwhile, the benchmark BSE Sensex fell by 34.30 points, or 0.11 percent to 35,703 in early choppy trade Monday after rising to 35,872.02.
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Rupee declines 13 paise to 71.24 as rising crude prices, strengthening dollar weigh on market sentiment
The rupee had closed at 71.11 against the US dollar on Wednesday.
At the Interbank forex market, the rupee opened higher at 68.88 and strengthened further to 68.81 against the US dollar, higher by 15 paise over its previous close.
Prominent gainers that supported the Sensex were Infosys, TCS, Hindalco, HeroMotoCo, Mahindra & Mahindra, RIL, SBI and Sun Pharma