The Rupees appreciated by 9 paise against the US dollar in early trade…read detail inside

May 02 2019 10:31 AM
The Rupees appreciated by 9 paise against the US dollar in early trade…read detail inside

Mumbai: On Thursday, the rupee appreciated by 9 paise to 69.47 against the US dollar in early trade driven by weakening of the greenback in overseas markets and sustained foreign fund inflows. Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee. To be noted that at the interbank foreign exchange, the rupee opened on a weak note at 69.60, but gathered momentum and rose to a high of 69.47 against the US dollar, showing 9 paise gain over its previous closing.

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Here it is worth mention that the local unit, however, pared some gains and was quoted at 69.54 against the American currency at 0951 hrs. The rupee had settled at 69.56 against the US dollar on Tuesday. To be noted that Currency market was shut on Wednesday on account of Maharashtra Day. Meanwhile, foreign institutional investors (FIIs) remained net buyers in capital markets, putting in Rs 114.59 crore Tuesday, according to provisional exchange data.

However, it is worth mention here that Brent crude futures, the global oil benchmark, fell 0.29 per cent to trade at USD 71.97 per barrel. Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 43.96 points up at 39,075.51 and Nifty down 7.15 points at 11,741.00. Meanwhile, the US Federal Reserve officials held key interest rates steady amid lack of inflationary pressures.

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