Tracking the broad weakness of the Dollar and positive domestic equities, the Indian rupee strengthened by 9 paise to 72.36 against the American currency (USD) in early trade on Monday May 31.

At the interbank foreign exchange, the domestic unit opened at 72.38 against the dollar, then inched higher to 72.36, registering a gain of 9 paise over its previous close of Rs 72.45.

The Indian rupee started on a flat to stronger note on May 31 against the dollar, tracking the overall weakness of the dollar. FPI flows, absence of the RBI could lend support to the currency, Reliance Securities said in a research note. Most Asian currencies have started mostly flat to marginally weaker against the U.S. Dollar on May 31 morning and could cap further appreciation, the note added. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03 percent to 90.00. Foreign institutional investors were net buyers in the capital market on May 28 as they purchased shares worth ₹913.59 crore, as per exchange data.

Meantime,  oil benchmark Brent crude futures rose 0.57 percent to $69.11 per barrel. On the Indian equity market, BSE Sensex was trading 470 points higher at 51,890, while the broader NSE Nifty advanced 131 points or 0.35 percent to 15,568 during mid-noon session

Foreign institutional investors were net buyers in the capital market on May 28 as they purchased shares worth ₹913.59 crore, as per exchange data.

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