Markets

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

Photograph used for representational purposes only

Photograph used for representational purposes only   | Photo Credit: Getty Images/iStockphoto

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

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.

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Printable version | Feb 22, 2020 7:26:52 AM | https://www.thehindu.com/business/markets/rupee-rises-10-paise-to-7120-against-us-dollar-in-early-trade/article30789455.ece

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