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Rupee gains 20 paise against US dollar in early trade

The Indian rupee gained almost 20 paise in early trade on Monday on the back of a weak US dollar, along with a higher opening of the domestic equity market.

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Rupee gains 20 paise against US dollar in early trade.

The Indian rupee gained almost 20 paise in early trade on Monday on the back of a weak US dollar, along with a higher opening of the domestic equity market. The rupee appreciated by 20 paise to 69.71 against the US dollar from its Friday’s close at 69.91 against the greenback. Currency traders said weakness in the dollar against major global currencies overseas after comments from the Federal Reserve Chairman in support of a gradual approach to raising rates, supported the rupee, said a PTI report.

The rupee recovered to end higher by 20 paise at 69.91 against the US currency on Friday on bouts of dollar selling by exporters and corporates. “US Dollar on Friday extended losses after Powell’s comment that gradual interest-rates hikes remain appropriate and that there was no risk to the economy overheating, but also that he was prepared to do “whatever it takes” to prevent inflation from becoming unanchored in either direction. This was interpreted by the market that Fed may delay in raising interest rate in December,” said Bhavik Patel, Senior Technical Analyst, Tradebulls Securities.

Also read: Share Market Live! Sensex breaches 38,600, Nifty climbs 11,650

“Technically DXY is near its support of 94.80 and we expect now  some bounce from current level. In USDINR, as long as 69.50 is not breached, we are still bearish in our currency and now expect to till 70.10,” Patel added. On Friday, foreign institutional investors sold stocks worth Rs 75.78 crore, while domestic institutional investors invested in equities worth Rs 904.75 crore.

On Monday, the Indian stock market started on a positive note with BSE Sensex index scaling a fresh high of 38,610.22 points in early trade and the NSE Nifty climbing the 11,650-mark for the first time in stock market history. Shares of HDFC Bank, Reliance Industries, ICICI Bank, HDFC, SBI, Infosys, Kotak Mahindra Bank, ITC, Yes Bank and Axis Bank emerged as the biggest positive points contributors in the upsurge of benchmark Sensex index.

If you are keen to know more about Nifty 50 and BSE Sensex levels and seek expert advice on what’s driving the gains and how to build your portfolio, track the latest stock market stats, share market news and top brokerage bets on Financial Express. Download the Financial Express App for the fastest and most reliable business news alerts, key investment strategies and latest movers and shakers from across financial market.

First published on: 27-08-2018 at 09:56 IST
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