Forex

Rupee erases early gains; down 11 paise against dollar

PTI Mumbai | Updated on June 03, 2020 Published on June 03, 2020

The rupee which appreciated 32 paise to 75.04 against the US dollar in early trade on Wednesday fell later due to strong dollar demand amid lesser supplies

At 2.15 pm, the rupee was quoted lower by 11 at 75.47 against the dollar. It had settled at 75.36 against the US dollar on Tuesday.

The rupee went up early tracking positive domestic equities and gains in Asian currencies amid weakness in the greenback.

Forex traders said heavy buying in domestic equity market, sustained foreign fund inflows and upbeat risk appetite supported the rupee early.

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On the equities front, the 30-share BSE benchmark Sensex was quoting 575.79 points higher at 34,401.24 and broader Nifty rose 169.50 points to 10,148.60.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 7,498.29 crore on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.04 per cent to USD 39.98 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.28 per cent to 97.39.

Published on June 03, 2020
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