Rupee Appreciates To 69.34 Against Dollar

The rupee appreciated by 19 paise to 69.34 against the US dollar on Monday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, and gained momentum to touch the 69.34 level. That marked a gain of 19 paise in the rupee against the dollar compared to its previous close. The rupee had settled at 69.53 against the US dollar on Friday.

The rupee, however, pared some gains and was quoted at 69.43 against the American currency at 9:47 am.

Forex dealers said that selling of the American currency by exporters, a positive opening in domestic equities and foreign fund inflows supported the rupee.

On the other hand, rising crude oil prices restricted the upmove.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 2,026.33 crore on Friday, according to provisional data.

Brent crude futures, the global benchmark for crude oil, were last seen trading 0.03 per cent higher at $68.71 per barrel.

Domestic stock markets registered sharp gains on Monday shrugging off weakness in Asian peers amid US-China trade concerns.

The S&P BSE Sensex rose more than 350 points to reclaim the 39,800 mark, and the NSE Nifty crossed 11,950 in intraday trade, as advances in financials, metal and infrastructure stocks supported the markets.