Rupee rises 7 paise to 70.34 vs USD, Sensex gains over 65 points in early tradehttps://indianexpress.com/article/business/market/rupee-rises-against-usd-sensex-gains-over-trade-5533096/

Rupee rises 7 paise to 70.34 vs USD, Sensex gains over 65 points in early trade

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities.

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Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade. (File)

The rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 per dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.

On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar.

Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade.

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Meanwhile, the benchmark BSE Sensex rose over 65 points in early trade Friday following value-based buying in auto, oil & gas, and metal sectors amid positive trend at other Asian markets and rising rupee.

The 30-share index was trading 68.58 points, or 0.19 per cent, higher at 36,175.08. The gauge opened on a positive note and touched a high of 36,214.26 in morning trade.

The NSE Nifty too witnessed similar movement, and was trading 17.65 points, or 0.16 per cent, up at 10,839.25.

Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade.

Meanwhile, brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 per cent.

Traders said, sustained foreign fund outflows however restricted the rupee up move.

On Thursday, the Sensex settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31 per cent, to finish at 10,821.60.

Elsewhere in Asia, Japan’s Nikkei rose 0.81 per cent and Shanghai Composite Index up 0.11 per cent, while Korea’s Kospi surged 0.38 per cent.

On Wall Street, Dow Jones Industrial Average rose 122.80 points, or 0.51 per cent, to 24,001.92 on Thursday.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 344.58 crore Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 10.98 crore, provisional data available with BSE showed.