Rupee gains 16 paise to 71.74 against US dollar in early tradehttps://indianexpress.com/article/business/market/rupee-gains-16-paise-to-71-74-against-us-dollar-in-early-trade-5496819/

Rupee gains 16 paise to 71.74 against US dollar in early trade

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

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On Friday, the rupee fell by 22 paise against the dollar to close at 71.90. (Representational Image)

The rupee appreciated by 16 paise to 71.74 against the US dollar in early trade Monday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 71.84 and rose further to quote at 71.74, showing a rise of 16 paise over its previous close.

On Friday, the rupee fell by 22 paise against the dollar to close at 71.90.

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Globally, Brent crude, the international benchmark, was trading 0.13 per cent down at USD 60.36 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 861.94 crore, while DIIs sold share to the tune of Rs 303.52 crore Friday, provisional data showed.

Sensex rises 224 pts on fund inflows, positive Asian cues

The equity benchmark BSE Sensex rose by almost 224 points Monday on buying in key frontline counters led by metal, banking, auto and energy stocks amid fresh foreign fund inflows.

Positive cues from other Asian markets also bolstered trading sentiments here, traders said.

The BSE Sensex rose 223.89 points, or 0.62 per cent, to 36,186.82. The gauge had gained over 33 points in the previous session on Friday. The broader Nifty 50 index was trading at 10,864.80, with a gain of 59.35 points, or 0.55 per cent.

Major gainers were Vedanta Ltd, Reliannce Industries, Yes Bank, Tata Steel, Maruti Suzuki, Sun Pharma, HDFC Bank, Adani Ports and PowerGrid, and SBI, rising up to 3.83 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 861.94 crore on Friday, while DIIs sold equities to the tune of Rs 303.52 crore, provisional data showed.

Among Asian markets, Japan’s Nikkei was trading higher by 0.67 per cent. Hong Kong’s Hang Seng moved up 0.09 per cent, while Shanghai Composite inched 0.01 per cent higher.

The US Dow Jones Industrial Average ended 2.02 per cent lower in Friday’s trade.