Rupee Rises 20 Paise against US Dollar

The fresh appreciation in Indian currency is on increased selling of US currency by exporters amid a higher opening of the domestic equity market.

Indian rupee, gained 20 paise to 69.71 against the US dollar in early trade today, reported . The fresh appreciation in Indian currency is on increased selling of the US currency by exporters amid a higher opening of the domestic equity market.

According to currency traders, weakness in the US dollar against major global currencies overseas after comments from the Federal Reserve Chairman in support of a gradual approach to raising rates supported the rupee.

Things to know:

1. On Friday, the rupee recovered to end higher by 20 paise at 69.91 against the US currency on bouts of dollar selling by exporters and corporates.

2. With that, the rupee concluded the week with a total gain of 24 paise.

3. Meanwhile, Asian shares rose today, boosted by record Wall Street highs on Friday after reassuring comments from the Federal Reserve’s chairman, and as stock markets in China gained after the country’s central bank tweaked its management of the yuan.

4. Oil prices dipped slightly on Monday on concerns that a US-China trade dispute will erode global economic growth, although looming US sanctions against Iran’s oil sector kept crude from falling further, reported .

5. Domestic stock markets opened Monday’s session on a positive note, amid positive global cues and smart gains in banking, metal and FMCG stocks. The S&P BSE Sensex rallied 259.42 points to hit all-time high of 38,511.22. Nifty scaled fresh peak of 11,633.30, up 76.20 points.

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