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Rupee gains 5 paise against US dollar in early trade

Rupee gains 5 paise against US dollar in early trade

Wed May 22 2019

 

The rupee had appreciated 2 paise to 69.72 against the US dollar in the previous session

 

The rupee ticked higher by 5 paise to 69.67 against the United States (US) dollar on Wednesday amid weakness in the green-back and easing crude oil prices.

 

Strong foreign instituional investors (FIIs) inflows and higher domestic equity markets also improved sentiments for the rupee, forex dealers said.

 

At the interbank foreign exchange, the domestic unit opened almost flat at 69.70 against the dollar and then it strengthened by 5 paise to quote at 69.67 in early trade.

 

The rupee had appreciated 2 paise to 69.72 against the US dollar in the previous session.

 

The US currency was trading lower in overseas market as the dollar index was down by 0.04 per cent to 98.02 against its six global rivals.

 

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,185.44 crore on Tuesday, provisional exchange data showed.

 

A report by Goldman Sachs has suggested that the US dollar/Indian rupee would trade near the 69 level in the next three months if the official election outcome bear out the exit poll trends.

 

Source: https://www.thehindubusinessline.com/

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