Rupee rose 10 paise to 71.21 USD in early trade

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According to foreign exchange traders, the rupee is trading in a narrow range as a rapidly spreading outbreak of corona viruses can be seen in China, fueling fears of further problems for the global economy.

PTI

updated:January 29, 2020, 11:51 am

Rupee rose 10 paise to 71.21 USD in early trade
Image for illustration.

Mumbai: The Indian rupee rose 10 pairs against the US dollar to 71.21 in early trading on Wednesday, tracking earnings on the domestic stock market.

According to foreign exchange traders, the rupee is trading in a narrow range as a rapidly spreading outbreak of corona viruses can be seen in China, fueling fears of further problems for the global economy.

In interbank foreign exchange, the rupee opened at 71.23, continued to gain ground and reached a high of 71.21 against the US dollar, which rose 10 paise from the previous close.

On Tuesday, the rupee chose 71.31 against the US dollar for the day.

The domestic stock exchanges were opened on Wednesday with a positive note. The Sensex benchmarks were 320.32 points higher at 41,287.18 and Nifty 92.90 points higher at 12,148.70.

Foreign institutional investors (FIIs) remained net sellers on the capital market as they sold shares worth 1357.56 billion rupees on Tuesday, according to preliminary stock market data.

Brent crude oil futures, the global oil benchmark, rose 1.36 percent to 60.32 barrels.

However, the appreciation of the American currency against other foreign currencies had a negative impact on the rupee.

The dollar index, which measures the strength of the greenback versus a basket of six currencies, rose 0.01 percent to 98.02. The yield on 10-year government bonds in morning trading was 6.59 percent.

On the global front, the United States announced Tuesday that it was developing a vaccine against a deadly virus that originated in China.

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