The rupee recovered against the US dollar in early trade on Monday, reported news agency Press Trust of India (PTI). The rupee gained 14 paise against the US dollar on increased selling of the greenback from exporters and banks, softening crude oil prices and positive opening of the domestic equity markets. On Friday, the rupee had dipped by 20 paise to close at 73.47 against the dollar. On a weekly basis, the rupee lost 15 paise against the dollar last week.
Here are 5 things to know about rupee-dollar rate on Friday:
- The rupee opened at 73.33 to quote 14 paise higher over its previous closing.
- Weakness in the dollar against a few currencies overseas and easing crude prices gave some support to the domestic currency, forex dealers were quoted as saying in the PTI report.
- Oil prices dipped as sentiment remained cautious after a plunge in financial markets last week triggered worries that global growth may be slowing. Front-month Brent crude oil futures were at $77.56 a barrel at 0430 GMT or 10 am IST, 6 cents below their last close, reported news agency Reuters.
- Domestic stock markets trading in the green also supported the rupee sentiment. At 10:43 am, the 30-share Sensex traded at 33,518.42, up 169.11 points, or 0.51 per cent, while the 50-scrip Nifty was at 10,084, with a gain of 54 points, or 0.54 per cent.
- On Friday, foreign portfolio investors sold while domestic institutional investors bought net equities of Rs. 1,356.66 crore and Rs. 1,875.89 crore respectively, showed provisional NSE data. (With agencies inputs)