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Rupee surges 21 paise to 69.81against US dollar in early trade

BusinessToday.In     May 24, 2019

The Indian rupee gained 21 paise to 69.81 against the US dollar in the opening deals on Friday as investors cheered BJP's thumping election win in 2019 Lok Sabha elections. Additionally, fresh fund inflows by foreign investors and positive trading across the domestic equity markets also injected positivity in the market.

However, rise in crude prices and a strong US dollar against a basket of other Asian currencies capped the gains of the domestic currency. The dollar index, which measures the greenback's strength against a basket of six currencies, climbed by 0.02 per cent to 97.88.

At the Interbank Foreign Exchange market, the rupee opened on a strong note at 69.75, but it soon pared gains to trade at 69.81 in early trade.

Also Read: Petrol, diesel prices hiked on Friday; Check today's rates

The local currency closed 36 paise lower at 70.02 against the US dollar on Thursday due to increased demand for the greenback from importers, while volatility in the equity market also spooked investors.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday with net fund inflow of Rs 1,352.20 crore.

Crude oil futures were trading higher on Friday, after the overnight crash due to esclating trade tensions between the US and China. The Brent oil futures closed at 67.76 per barrel on Thursday.

Meanwhile, Sensex was trading at 39129.19, up by 317.8 points or by 0.82 per cent, and the NSE Nifty was at 11734.75, up by 77.7 points or by 0.67 per cent.

Edited by Chitranjan Kumar

Also Read: Share Market Live: Sensex climbs 205 points, Nifty at 11,705; L&T, Zee Entertainment, M&M top gainers

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