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Rupee rises 12 paise in early trade

Mon Jan 13 2020



The rupee appreciated by 12 paise to 70.82 against the US dollar in early trade on Monday tracking positive global cues and higher opening in domestic equities.


Forex traders said easing crude prices, weakening of the American currency and foreign fund inflows strengthened investor sentiments.


At the interbank foreign exchange the rupee opened at 70.82 against the US dollar, registering a rise of 12 paise over its previous close. On Friday, rupee had settled for the day at 70.94 against the US dollar.


Traders said the appreciation in the rupee was largely on the back of positive global cues.


US Treasury Secretary Steven Mnuchin on Sunday said phase one of the trade deal with China includes them buying $200 billion worth of additional products from the US.


“It is $200 billion of additional products across the board over the next two years, and, specifically, in agriculture, $40 billion to $50 billion,” Mnuchin told ABC News, days ahead of the signing of the first phase of the deal.


Besides, Iran has agreed that de-escalation is the ‘only solution’ to solve the crisis with the US.


In a meeting between Iran’s President Hassan Rouhani and the visiting Emir of Qatar, both sides agreed that de-escalation was the “only solution” to the regional crisis, the emirate’s ruler said.


Meanwhile, domestic bourses opened on a positive note on Monday with benchmark indices Sensex trading 241.10 points higher at 41,840.82 and Nifty up by 66 points at 12,322.80.


The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.02 per cent to 97.33.


Foreign institutional investors (FIIs) remained net buyers in the capital market, as they purchased shares worth Rs 578.28 crore on Friday, according to provisional exchange data.


Brent crude futures, the global oil benchmark, fell 0.08 per cent to trade at $64.93 per barrel. The 10-year government bond yield was at 6.60 per cent in morning trade.


Source: Hindu business line.

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