Rupee gains 16 paise to 70.98 against US dollar in early trade

The rupee had the advantage of a weakening greenback amid foreign fund inflows.

Published: 25th February 2019 10:19 AM  |   Last Updated: 25th February 2019 10:19 AM   |  A+A-

Rupee notes, Indian currency

File Photo of an attendant at a fuel station arranging Indian rupee notes (Photo | Reuters)

By PTI

MUMBAI: The rupee firmed 14 paise to 70.98 against the dollar in opening trade on Monday after the greenback came under pressure against some currencies amid foreign fund inflows and a higher opening of domestic equity markets.

Forex dealers said weakness in the dollar against some other currencies overseas as expectations of a trade deal between the US and China, and foreign capital inflows in the domestic equity markets supported the rupee.

At the interbank forex market, the rupee opened with strength at 71 and advanced further to quote 16 paise higher at 70.98 against the dollar. According to provisional exchange data, foreign portfolio investors (FPIs) bought shares worth a net of Rs 6,311.01 crore on net basis on Friday.

On Friday, the rupee had gained 10 paise to end at 71.14 against the US dollar. Meanwhile, the benchmark BSE Sensex rose 140.29 points, or 0.38 per cent, to 36,011.77 in opening session on Monday.

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