Kashmir Indepth

Rupee spurts 33 paise to 69.39 against US dollar in early trade

The rupee appreciated by 33 paise to 69.39 against the US dollar in opening trade on Monday, driven by strong gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 69.38 at the interbank forex market against previous close of 69.72 per dollar amid sustained foreign fund inflows and positive opening in domestic equities.

The rupee moved in range of 69.46 per dollar to 69.34 per dollar in early trade and was trading at 69.39, displaying strong gains of 33 paise against the greenback.

Forex dealers said, selling of the American currency by exporters supported the rupee.

On Friday, the rupee had ended higher by 48 paise at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies.

Foreign funds pulled out Rs 157.72 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 240.60 crore Friday, provisional data showed.

The benchmark BSE Sensex rose by 287.74 points, or 0.81 per cent to quote at 35,982.84, while the NSE Nifty climbed 84.90 points, or 0.79 per cent, to 10,812.25.

Meanwhile, brent crude, the global benchmark, was trading lower at 57.74 per barrel, higher by 1.19 per cent.

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