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Rupee Opens Strong At Rs 71.15 Per US Dollar, Gains 29 Paise

HARSH RANJAN | 0
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| January 23 , 2019 , 20:24 IST

The rupee opened at Rs. 71.15 per US Dollar, gaining 29 paise in early trade on Wednesday on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets.

Besides, the dollar falling against other currencies overseas on lingering worries about a global slowdown and continuing US-China trade tensions, supported the Indian rupee, forex dealers said.    

At the Interbank forex market, the rupee opened higher at 71.19 and advanced further to quote 29 paise higher at 71.15 against the dollar.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 78.53 crore, and domestic institutional investors (DIIs) were sellers to the tune of Rs 84.15 crore Tuesday, provisional data showed. 

Meanwhile, the benchmark BSE Sensex rose 37.05 points, or 0.10 per cent, to 36,481.69 after rising to 36,521.47 in opening trade. 

Earlier, Rupee had fallen by 16 paise on Tuesday, it was the third straight session of loss to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

ALSO READ: Rupee Slips To 69.70, Falls By 27 Paise Against US Dollar In Early Trade

VK Sharma, Head PCG and capital markets strategy, HDFC securities said, "the benchmark 10-year bond yield held steady around yesterday's level of 7.30 per cent. So far this month, the rupee has declined 1.87 per cent, while overseas funds sold $554.5 million in equity and $193.10 million in debt segments."