Rupee Rises against US Dollar Today

Indian currency firmed up today due to selling of the American currency by exporters and banks amid fresh foreign funds inflow.

Indian rupee, edged up by 10 paise to 70.06 against the US dollar in early trade at the Interbank Forex market, reported .

The Indian currency firmed up today due to selling of the American currency by exporters and banks amid fresh foreign funds inflow.

According to dealers, US dollar’s weakness against other currencies overseas also gave strength to the Indian rupee. A record opening of the domestic equity markets, too kept the rupee firm, traders added.

Things to know:

1. On Monday, the rupee retreated sharply to hit a record closing low of 70.16 against the US dollar, plunging by 25 paise despite a huge rally in equities and easing worries over near-term monetary policy tightening by the US Fed.

2. The rupee had last registered an all-time closing low less than two weeks ago. Weakness in the rupee came amid strengthening in the dollar, after Federal Reserve Chairman Jerome Powell reiterated the US central bank’s intention to raise interest rates further, albeit at a gradual rate.

3. In global sector, oil prices were buoyant today with brent up 9 cents at $0.76.30 a barrel and US crude 5 cents firmer at $68.92. Gold was subdued with spot prices at $1,208.23 an ounce, down 0.2 per cent.

4. Meanwhile, domestic stock markets continued their record-setting trend for the second straight session today. The S&P BSE Sensex surged 186.36 points to trade at an all-time high of 38,880.47. The broader Nifty50 soared 43.05 points to hit a record high of 11,735.00.

5. Foreign institutional investors (FIIs) bought shares worth a net of Rs. 252.52 crore, while domestic institution investors (DIIs) accumulated shares to the tune of Rs. 1,117.24 crore on Monday, as per provisional data.

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