After weak opening, rupee rises 13 paise against dollar in early trade

Mumbai: The rupee opened on a weaker note but soon pared the losses and appreciated by 13 paise to 70.92 against the US dollar in opening trade Wednesday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened on a weak note at 71.10 at the interbank forex market then lost further ground and touched a low of 71.12. The domestic unit however pared the losses and touched a high of 70.92, registering gains of 13 paise over it's previous close. Forex dealers said, selling of the American currency by exporters supported the rupee.

The rupee on Tuesday plunged by 13 paise to close at 71.05 against the US dollar. Forex traders said, fresh foreign fund-flows and easing crude oil prices supported the rupee up move.

Foreign funds purchased shares worth Rs 159.60 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 417.44 crore on Tuesday, provisional data showed.

The benchmark BSE Sensex was trading with gains of84.36 points, or 0.26 per cent to quote at 36,413.32 while the NSE Nifty was trading at 10,914.40, up 27.60 points, or 0.25 per cent.

Meanwhile, brent crude, the global benchmark, was trading lower at 60.43 per barrel lower by 0.35 per cent.