Rupee rises 6 paise against US dollar on foreign fund inflows

Mumbai, May 21

Rising for the second straight session, the rupee on Tuesday inched up 6 paise to 69.80 against the US dollar on fresh foreign funds inflows amid exit poll predictions of a clear majority for the NDA.

Besides, a positive start of the equity markets also supported the rupee, forex dealers said.

However, a strong US dollar against major global currencies and rising crude prices capped gains of the domestic unit, they added.

At the Interbank Foreign Exchange market, the domestic unit opened slightly up at 69.75 against the dollar then rose further to quote at 69.80, up 6 paise over its previous close.

The rupee had appreciated 49 paise to 69.74 against the US dollar in the previous session.

Most exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will come out on Thursday. PTI