Rupee rises 7 paise to 70.34 vs USD in early trade

DN Bureau

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.

File Photo
File Photo

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

Also Read: Fuel prices continue downward march on Tuesday

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

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

Also Read: Fuel prices continue downward trend on Sunday

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 per cent to quote at 36,179.14 while the NSE Nifty was trading at 10, 836.90, up 15.30 points, or 0.14 per cent. (PTI)

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