Rupee rises 10 paise to 71.20 against U.S. Dollar in early trade

The rupee opened strong at 71.23 at the interbank Forex market, then gained further ground to touch 71.20 per Dollar

February 11, 2020 10:09 am | Updated 10:18 am IST - Mumbai

Photograph used for representational purposes only

Photograph used for representational purposes only

The rupee appreciated by 10 paise to 71.20 against the U.S. Dollar in opening trade on Tuesday, driven by positive opening in domestic equities.

The rupee opened strong at 71.23 at the interbank Forex market, then gained further ground to touch 71.20 per Dollar, displaying gains of 10 paise against the greenback.

On Monday, the rupee had settled at 71.30 against the U.S. Dollar.

Forex traders said positive opening in domestic equities supported the local unit, while rising crude prices, foreign fund outflows and strengthening of the American currency weighed on rupee and restricted its upmove.

The benchmark BSE Sensex was trading with gains of 420.26 points, or 0.99% to quote at 41,399.88 while the NSE Nifty was trading at 12,157.55, up 126.05 points, or 1.05%.

Foreign institutional investors sold equities worth ₹184.58 crore on a net basis on Monday, according to provisional exchange data.

Meanwhile, brent crude, the global benchmark, was trading at $53.95 per barrel higher by 1.28%.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.02% to 98.85.

The 10-year government bond yield was at 6.44% in morning trade.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.