The rupee rose by as much as eight paise against the US dollar on Monday. After opening higher at 69.44 against the greenback, as against its previous close of 69.47, the rupee moves to 69.39 at the strongest point in morning. Weakening of the dollar overseas along with strength in the domestic equity markets supported the currency. However, a rise in global oil prices kept the upside in the rupee in check. The rupee was last seen trading 0.07 per cent higher at 69.42 against the US currency.
Domestic stock markets spiked on Monday amid buying led by financials, IT and consumer goods stocks. The S&P BSE Sensex jumped more than 350 points to trade near the 40,000 mark before giving up some of the gains. The 50-scrip Nifty benchmark index climbed more than 100 points to touch an intraday high of 11,975.
The 10-year government bond yield rose to 7.01 per cent on Monday, as against its previous close of 69.97 per cent.
Overseas, crude oil prices rose after Saudi Arabia said the Organization of the Petroleum Exporting Countries (OPEC) and Russia should keep supplies restricted at current levels. The withdrawal of a tariff threat against Mexico by the United States also removed a cloud over the global economy.
Brent crude futures - the international benchmark for crude oil - were last seen trading 0.5 per cent higher at $63.61 per barrel. Despite Monday's increases, traders said concerns about the health of the global economy and its impact on fuel demand still weighed on oil market sentiment.
The dollar index - which gauges the greenback against six major peers overseas - fell se as much as 0.31 per cent.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 478.84 crore on a net basis on Friday, provisional data from the National Stock Exchange showed.
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