Rupee recovery stalls on fresh dollar demand

Rupee slips 25 paise to 71.36 in early trade against dollar; fresh foreign fund inflows curb local currency's losses

Rupee recovery stalls on fresh dollar demand
Mumbai: The rupee depreciated by 25 paise to 71.36 against the US dollar in early trade on Wednesday amid strengthening of the American currency and rising crude prices.

Forex traders said strengthening of the US dollar against some currencies, the local unit on the overseas and sustained foreign fund outflows.
However, fresh foreign fund inflows and positive opening in domestic equities capped the losses for the domestic unit.

महात्मा गांधी के विश्वास घाट के बारे में

At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.34 then fell further to 71.36 against the US dollar, showing a decline of 25 paise over its previous closure.

On Tuesday, the rupee had settled at 1 paise lower at 71.11 against the US dollar.

Foreign funds sold shares worth 354.36 crore from the capital market on a net basis on Tuesday, while domestic institutional investors bought shares worth Rs 81.27 crore, provisional data showed.

The global benchmark crude oil was trading at $ 61.49 per barrel, higher by 0.28 percent.

Meanwhile, the domestic equity market opened on a high note. The 30-share BSE benchmark Sensex, was trading at 35,775.46, up 155.10 points in early trade. The wide-based Nifty was also trading up by 37.70 points at 10,689.90.

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