Rupee rises 8 paise to 71.32 against the US dollar in early trading

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Forex traders said while the weak dollar and declining crude prices supported the rupee, strong domestic share sales weighed on local unity and limited the upward movement.

PTI

updated:February 10, 2020, 10:19 am

Rupee rises 8 paise to 71.32 against the US dollar in early trading
Representative picture (Reuters).

Mumbai: The Indian rupee rose 8 pairs against the US dollar to 71.32 in early trade on Monday as the price of crude oil fell and the US dollar weakened on the overseas market.

Forex traders said while the weak dollar and declining crude prices supported the rupee, strong domestic share sales weighed on local unity and limited the upward movement.

On interbank currencies, the rupee opened at 71.36, continued to gain ground and hit a high of 71.32 against the US dollar, an increase of 8 paise versus the previous close.

On Friday, the rupee had chosen the day at 71.40 against the US dollar.

Domestic stock exchanges started on Monday with a negative grade, with the Sensex benchmarks trading at 226.26 points at 40,915.59 and Nifty as 71.85 points at 12,026.50.

Foreign institutional investors (FIIs) remained net buyers on the capital market since, according to preliminary stock market data, they bought shares valued at 161.93 billion rupees on Friday.

Brent crude oil futures, the global oil benchmark, fell 0.20 percent to trade at $ 54.36 a barrel.

The dollar index, which measures the strength of the greenback versus a basket of six currencies, fell 0.04 percent to 98.64.

The yield on 10-year government bonds in morning trading was 6.43 percent.

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