Rupee rises 6 paise to 68.57 vs USD in early trade

Mumbai, March 22

The rupee appreciated by 6 paise to 68.57 against the US dollar in opening trade on Friday, driven by sustained foreign fund inflows and higher opening of domestic equities.

The rupee opened at 68.60 at the interbank forex market, then gained further ground and touched 68.57, displaying gains of 6 paise over its last close.

The rupee on Wednesday had recovered by 13 paise to close at 68.83 against the US dollar.

The forex market was closed on Thursday on account of Holi.

Forex dealers said selling of the American currency by exporters and positive opening in domestic equities supported the rupee.

Fresh foreign fund inflows and easing crude prices also supported the rupee, they added.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,771.61 crore on a net basis on Wednesday, as per provisional data.

Brent crude futures, the global oil benchmark, slipped 0.18 per cent to USD 67.74 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 91.03 points, or 0.24 per cent, at 38,477.78; while the NSE Nifty was trading at 11,548, higher by 26.95 points, or 0.23 per cent. PTI