Rupee Slips Two Paise to 71.33 Against US Dollar in Early Trade

The rupee fell marginally by 2 paise to 71.33 against the US dollar in opening trade on Friday, amid strengthening of the American currency in the overseas market.

Forex traders said rupee traded in a narrow range as strengthening of the US dollar weighed on the local unit, while easing crude oil prices, positive opening in domestic equities and foreign fund inflows gave support and restricted the fall.

The rupee opened on a positive note at 71.29 at the interbank forex market, but soon lost ground and fell to 71.33 against the US dollar, down 2 paise over its last close. The rupee had settled at 71.31 against the US dollar on Thursday.

Meanwhile, brent crude futures, the global oil benchmark, fell 0.09 per cent to USD 56.29 per barrel. Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 1,061.39 crore on Thursday as per provisional data.

Domestic bourses opened on a positive note on Friday with benchmark indices Sensex trading 126.42 points higher at 41,586.21 and Nifty up 50.15 points at 12,224.80. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.08 per cent to 99.14. The 10-year government bond yield was at 6.43 per cent in morning trade.

Source: https://www.news18.com/news/business/rupee-slips-two-paise-to-71-33-against-us-dollar-in-early-trade-2500599.html

 

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