Rupee Strengthens Past 70/$ For The First Time Since January
The Indian rupee appreciated by 30 paise to 69.98 against the U.S. dollar in opening trade, its highest since Jan. 8, driven by foreign inflows and positive opening in domestic equities.
The rupee opened strong at 70.08 at the inter-bank forex market and then gained further ground and touched 69.98, a gain of 30 paise over its last close.
Forex dealers said selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the advance
Besides, fresh foreign fund inflows also boosted sentiments in the domestic forex market, they added. The rupee Wednesday had strengthened by 21 paise to close at 70.28 against the U.S. dollar.
Meanwhile, foreign investors remained net buyers in the capital markets, putting in Rs 1,130.78 crore on a net basis Wednesday, as per provisional data.
Brent crude futures, the global oil benchmark, rose 0.48 percent to trade at $66.31 per barrel.
Meanwhile, the benchmark BSE Sensex was trading higher by 49.01 points, or 0.13 per cent, to quote at 36,685.11 in early trade, while the NSE Nifty was traded flat at 11,057.25.