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1-min read

Rupee Gains Against Dollar in Early Trade Amid Foreign Fund Inflows

US President Donald Trump said the Federal Reserve's reluctance to cut interest rates was inhibiting economic growth, as the dollar index fel by 0.4 per cent.

PTI

Updated:June 26, 2019, 9:26 AM IST
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Mumbai: The rupee appreciated by 13 paise to 69.22 against the US dollar in opening trade on Tuesday, driven by easing crude oil prices and weakening of the US dollar in the overseas market.

The rupee opened strong at 69.32 at the interbank forex market then gained further ground to touch 69.22 per dollar, displaying gains of 13 paise against the greenback. On Monday, the rupee had settled at 69.35 against the US dollar.

Forex dealers said foreign fund inflows and selling of the American currency by exporters supported the rupee. Foreign investors bought shares worth Rs 207.33 crore on a net basis on Monday, provisional data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 95.93. The benchmark BSE Sensex was trading 128.28 points, or 0.33 per cent down to quote at 38,994.68 while the NSE Nifty was trading at 11,666.30, down 33.35 points, or 0.29 per cent.

Brent crude, the global benchmark, was trading at 64.25 per barrel lower by 0.94 per cent.

Meanwhile, on the global front, US President Donald Trump on Monday said the Federal Reserve's reluctance to cut interest rates was standing in the way of economic expansion. The US Fed last week left benchmark US lending rates untouched.

"Despite a Federal Reserve that doesn't know what it is doing... we are on course to have one of the best Months of June in US history," Trump tweeted.

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