Rupee surges 30 paise against US dollar in early trade

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MUMBAI: The rupee appreciated by 30 paise to 69.98 against the US dollar in opening trade on Thursday. 

 

The rupee opened strong at 70.08 at the interbank forex market and then gained further ground and touched 69.98, a gain of 30 paise over its last close.

“Selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the upmove”, Forex dealers said.

“Besides, fresh foreign fund inflows also boosted sentiments in domestic the forex market”, they added.

On Wednesday, the rupee had strengthened by 21 paise to close at 70.28 against the US dollar.

As per provisional data, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,130.78 crore on a net basis on Wednesday.

Brent crude futures, the global oil benchmark, rose 0.48 per cent to trade at USD 66.31 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 49.01 points or 0.13 per cent, to quote at 36,685.11 in early trade.

Meanwhile, the NSE Nifty was quoted at 11,057.25, up by 4.25 points, or 0.04 per cent.

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