Rupee rises 17 paise against US dollar

Prime News, National and International, Business, Mumbai, January 31:- The Indian rupee appreciated by 17 paise to Rs 71.41 against the US dollar in early trade on Friday ahead of the release of the government”s Economic Survey later in the day.

Forex traders said market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

At the interbank foreign exchange the rupee opened at Rs 71.46 and touched a high of Rs 71.41, registering a rise of 17 paise over its previous close. On Thursday, rupee had settled for the day at Rs 71.58 against the US dollar. The domestic unit, however, could not hold on to the gains and was trading at Rs 71.43 against the dollar today (Jan 31) at 9:59 am.

Domestic bourses opened on a positive note on Friday and the benchmark index Sensex was later trading 33.87 points higher at 40,947.69 today at 9:59 hours, while Nifty was down 2.45 points at 12,033.35. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 962.28 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.54 per cent to trade at 59.19 per barrel. However, strengthening of the American currency vis-a-vis other currencies overseas weighed on the rupee.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.06 per cent to 97.92. The 10-year government bond yield was at 6.59 per cent in morning trade. (Inputs: Agencies, NGB)

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