Rupee appreciates 11 paise to 70.81 against US dollar in early trade
Business | March 05, 2019 10:12 ISTThe domestic forex market and equity market were closed Monday on account of Mahashivratri.
The domestic forex market and equity market were closed Monday on account of Mahashivratri.
The rupee had closed 7 paise lower against the greenback Friday at 71.23.
The rupee opened weak at 70.91 and fell further to 71.05, but recovered partially to trade at 70.94, still down by 14 paise against the dollar.
Industrial output growth remained subdued at 2.4 per cent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector.
The benchmark BSE Sensex rose 22.20 points, or 0.06 per cent, to 36,417.23 in early session Tuesday.
According to provisional exchange data, FPIs bought shares worth a net Rs 843.73 crore on net basis on Friday.
On Wednesday, the rupee had settled 1 paise higher at 71.56 against the US dollar.
On Tuesday, the rupee had settled 1 paise lower at 71.11 against the US dollar.
Brent crude, the global benchmark, was trading lower at per 61.36 barrel lower by 0.45 per cent.
The rupee on Friday weakened by 10 paise to close at 71.17 against the US dollar amid increasing demand for the greenback from exporters and heavy selling in domestic equities.
On Wednesday, the rupee had settled higher by 11 paise at 71.33 against the US dollar.
On Tuesday, the rupee had skidded by 16 paise -- its third straight session of loss -- to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.
On Monday, the rupee had ended lower by 9 paise at 71.28 against the US currency.
Brent crude, the international oil benchmark, was trading 0.46 per cent higher at USD 62.99 per dollar, its two-month high.
Forex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee.
The rupee on Tuesday plunged by 13 paise to close at 71.05 against the US dollar.
Forex traders said the strength of the US dollar against other overseas currencies weighed on the domestic currency.
Brent crude, the global benchmark, was trading lower at 60.89 per barrel, lower by 0.90 per cent.
At the Interbank Foreign Exchange (forex), the rupee opened higher at 70.08 but it slipped partially to quote 7 paise higher at 70.14.
The rupee weakened even after the Central Statistics Office (CSO) released positive advanced estimates of national income for 2018-19.
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