Markets

Rupee rises by 8 paise against dollar in early trade

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Rising crude prices restricts the upmove of the Indian currency

The rupee appreciated by 8 paise to 69.63 against the US dollar in opening trade Wednesday, driven by sustained foreign fund flows and higher opening in domestic equity market.

The rupee opened at 69.71 at the interbank forex market then gained further ground and touched 69.63, displaying gains of 8 paise over its last close.

The rupee on Tuesday had strengthened by 18 paise to close at 69.71 against the US dollar.

Forex dealers said, selling of the American currency by exporters and positive opening in domestic equities supported the rupee. Besides, fresh foreign fund inflows also aided the uptrend.

However, rising crude prices restricted the upmove.

Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in ₹2,477 crore on a net basis Tuesday, as per provisional data.

Brent crude futures, the global oil benchmark, gained 0.27 per cent to $66.85 per barrel.

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Printable version | Jan 27, 2020 12:31:45 AM | https://www.thehindu.com/business/markets/rupee-rises-by-8-paise-against-dollar-in-early-trade/article26518621.ece

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