Rupee rises 35 paise against US dollar in early trade
Team Udayavani, Nov 9, 2018, 10:41 AM IST
Mumbai: The rupee appreciated 35 paise to 72.65 against the dollar in early trade on Friday, following US mid-term election results and easing crude oil prices.
Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit’s weakness against some currencies overseas.
They said the US mid-term election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee.
The Democrats now have majority in the 435-member House, while Trump’s party has retained majority in the 100-member Senate.
At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar.
Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at USD 70.70 per barrel.
The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.
The forex market was closed on Wednesday and Thursday on account of ‘Diwali’ and ‘Diwali Balipratipada’ respectively. Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 31.02 crore on Wednesday, as per provisional data.
Meanwhile, the benchmark BSE Sensex opened on a higher note up 20.45 points at 35,258.13 in early trade.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
Sensex climbs 640 points, Nifty tops 22,300-level in early trade
MUST WATCH
Latest Additions
WATCH: 5 runaway military horses cause mayhem in London
FIR filed over BJP’s social media post allegedly promoting hatred and enmity: EC
Can’t control elections or pass directions on basis of suspicion: SC tells EVM critics
Amitabh Bachchan receives Lata Deenanath Mangeshkar Puraskar
Hubballi: Congress leader Randeep Surjewala visits Neha’s house, assures justice to family