Selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the Indian currency.
The rupee appreciated by 19 paise to 69.34 against the US dollar in opening trade Monday, driven by weakening of the greenback and positive opening in domestic equities.
At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, then gained momentum and touched 69.34, up 19 paise over its previous close.
The rupee had settled at 69.53 against the US dollar Friday.
The local unit, however, pared some gains and was quoted at 69.43 against the American currency at 0947 hrs.
Forex dealers said, selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the rupee.
On the other hand, rising crude prices restricted the rupee upmove.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in ₹2,026.33 crore Friday, as per the provisional data.
Brent crude futures, the global oil benchmark, rose 0.03 per cent to USD 68.71 per barrel.
Source: Read Full Article