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Rupee trades 23 paise higher at 71.48 against the US dollar

The rupee rebounded from six-month low level and appreciated by 23 paise to 71.48 against the US dollar in early trade on Wednesday tracking gains in Asian currencies and fresh foreign fund inflows.

twitter-logo BusinessToday.In        Last Updated: August 21, 2019  | 14:13 IST
Rupee trades 23 paise higher at 71.48 against the US dollar
Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 373.23 crore on Tuesday, according to provisional exchange data.

Indian rupee opened higher against US dollar at 71.48 at the interbank foreign exchange on Wednesday, registering a rise of 23 paise over its previous close of 71.71. Paring some of gains, the local currency was trading at 71.57 per American currency.

On Tuesday, the domestic unit closed at a new six-month low of 71.71 against the US dollar as economic uncertainties continued to weigh.

The rupee rebounded from six-month low level and appreciated tracking gains in Asian currencies and fresh foreign fund inflows. Rising crude oil prices coupled with a cautious opening in the domestic equity market restricted upmove.

Domestic equity benchmarks BSE Sensex and NSE Nifty started the day's trade on a flat note with slightly negative bias, with investors remaining risk-averse awaiting a stimulus package from the Union government, amid uncertainties over economic growth.

On Tuesday, the net investment of equity and debt reported by foreign portfolio investors (FPIs) turned bullish with net buying logged at Rs 373.23 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 296.41 crore. FIIs overall have sold Rs 977 crore in the F&O market over the last 2 days.

Brent crude futures, the global oil benchmark, rose 0.52 per cent to trade at USD 60.34 per barrel, post the data report that showed a larger-than-expected drop in U.S. crude inventories, but ongoing worries about a possible global recession capped gains.

(Edited with agency inputs)

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