Rupee Rises Against USD in Early Trade, Gains 21 Paise to Reach 69.44
Indian rupee and U.S. dollar (Photo: Etmaadaily)

Mumbai, June 11: The rupee appreciated by 21 paise to 69.44 against the US dollar in opening trade Tuesday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.49 against the dollar, then gained momentum and touched 69.44, up 21 paise over its previous close.

The rupee had settled at 69.65 against the US dollar Monday. Forex dealers said, selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the rupee. RBI Sets Rupee Reference Rate at 68.6935 Against Dollar.

On the other hand, rising crude oil prices restricted the rupee upmove. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 216.20 crore Monday, as per the provisional data.

Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 62.42 per barrel. Meanwhile, domestic bourses opened on a bullish note Tuesday with benchmark indices Sensex trading 123.15 points up at 39,907.67 and Nifty up 29.40 points at 11,952.10.