STOCK MARKET BSE NSE

Rupee rises 17 paise to 68.86 vs US Dollar in early trade

Despite increase in crude oil prices, the Indian currency rose over reports of US and China agreeing to restart stalled negotiations to end the trade war.

Published: 01st July 2019 10:29 AM  |   Last Updated: 01st July 2019 10:29 AM   |  A+A-

Rupee-Dollar

For representational purposes

By PTI

MUMBAI: The rupee opened on a strong note and rose 17 paise to 68.86 against the US dollar in early trade Monday tracking gains in domestic equities, even as crude oil prices firmed up.

Forex traders said, rupee appreciated on reports that Chinese President Xi Jinping and his American counterpart Donald Trump at the G20 summit have agreed to re-launch the stalled negotiations to end the trade war.

At the interbank foreign exchange, the rupee opened on strong at 68.96, then gathered momentum and rose to a high of 68.86 against the US dollar, showing 17 paise gain over its previous closing.

The local unit, however, pared some gains and was quoted at 68.89 against the American currency at 0947 hrs. The rupee had settled at 69.03 against the US dollar on Friday. Forex dealers said, the current account deficit data also supported the rupee.

According to Reserve Bank of India, the March 2019 quarter current account deficit more than halved to USD 4.6 billion or 0.7 per cent from 1.8 per cent in March 2018. However, foreign fund outflows and rising crude oil prices weighed on the domestic currency.

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 513.91 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 2.60 per cent to trade at USD 66.42 per barrel. Domestic bourses opened on a bullish note Monday with benchmark indices Sensex trading 237.78 points higher at 39,632.42 and Nifty up 67.05 points at 11,855.90.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp