Comments
Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar, as global crude prices slipped below the $60 per barrel mark. According to forex dealers, dollar’s weakness against other currencies overseas and a firm domestic equity market too supported the rupee.
The rupee opened higher at 70.48 and further strengthened to 70.30 at the interbank forex market today. It hovered in a range of 70.74 and 70.30 before quoting at 70.68, up 1 paise at 3.50 pm local time.
The rupee had rallied 77 paise to 70.69 against the US dollar on Thursday due to easing crude oil prices and foreign capital inflows. The forex market was closed on Friday on account of Gurunanak Jayanti.
In the last seven trading sessions, the rupee has gained a healthy 220 paise. Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows into capital markets and softening crude oil prices.
According to provisional data, foreign funds had poured in Rs 446.24 crore into the capital markets on a net basis on Thursday, while domestic institutional investors also bought shares worth Rs 49.68 crore.
Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel. Meanwhile, the Sensex closed the session higher by 373.06 points or 1.07 per cent at 35,354.08.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.