Rupee Surges Higher Against Dollar

The rupee surged by 8 paise to 69.63 against the dollar in opening trade on Wednesday, taken forward by sustained foreign fund incomings and higher opening in domestic equity market.

The rupee opened at 69.71 at the forex market then gained further ground and touched 69.63, displaying gains of 8 paise over its last close. The rupee on Tuesday had strengthened by 18 paise to close at 69.71 against the dollar.

Forex dealers said, selling of the American currency by exporters and positive opening in domestic equities supported the rupee. Besides, fresh foreign fund inflows also aided the uptrend. However, rising crude prices restricted the upmove.

Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 2,477 crore on a net basis Tuesday, as per provisional data.

Brent crude futures, the global oil benchmark, gained 0.27 per cent to USD 66.85 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 78.22 points, or 0.21 per cent to quote at 37,613.88 while the NSE Nifty was trading at 11,319.70, up by 18.50 points, or 0.16 per cent.