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Rupee Gains 20 Paise to 69.75 Against Dollar in Opening Trade

The weakening of the US dollar against some currencies overseas aided the local unit despite significant foreign fund outflows and rising crude oil prices weighing on the rupee.

PTI

Updated:December 31, 2018, 10:22 AM IST
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Rupee Gains 20 Paise to 69.75 Against Dollar in Opening Trade
(Image for representation: REUTERS)
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Mumbai: The rupee appreciated by 20 paise to 69.75 against the US currency in opening trade on Monday amid weakening of the American unit and positive opening in the domestic equity market.

Forex traders said that the weakening of the US dollar against some currencies overseas aided the local unit.

Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading higher by 0.04 per cent at 96.44.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.76 against the US dollar, then appreciated further to 69.76 showing a rise of 20 paise over its previous closing.

On Friday, the rupee finished at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback's weakness overseas.

Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.

Foreign funds sold shares worth Rs. 119.60 crore from the capital markets on a net basis on Friday, while domestic institutional investors bought shares worth Rs 1,199.40 crore, provisional data showed.

The global benchmark Brent crude was trading higher by 1.13 per cent at 53.81 per barrel.

Meanwhile, continuing its winning streak for a fourth straight session Monday, according to the BSE benchmark
Sensex surged over 150 points as investors maintained their bullish stance in early trade on positive cues from other Asian bourses.
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