Rupee edges up 7 paise to 68.58 against dollar in early trade
The rupee opened 3 paise down on Wednesday morning, but soon recovered by 7 paise to 68.58 against the US dollar as banks and exporters sold some American currency.
The domestic equity market opened higher following mixed global cues. The BSE Sensex was up 70 points, or 0.27 per cent, at 26,464 at around 9.30 am (IST), while the Nifty50 index was trading higher by 16.55 points, or 0.20 per cent, at 8,158.
The rupee opened the day at 68.68 against the dollar, down 3 paise from its previous close. The local currency had settled 11 paise higher at 68.65 against the greenback on Tuesday.
Market experts said adequate dollar supplies following suspected RBI intervention through state-owned banks mainly supported the recovery in the rupee.
However, foreign institutional investors, or FIIs, stood net sellers in the domestic equity market on Tuesday, as they offloaded shares worth Rs 1,366 crore with gross purchases and gross sales of Rs 4,037 crore and Rs 5,404 crore
The domestic equity market opened higher following mixed global cues. The BSE Sensex was up 70 points, or 0.27 per cent, at 26,464 at around 9.30 am (IST), while the Nifty50 index was trading higher by 16.55 points, or 0.20 per cent, at 8,158.
The rupee opened the day at 68.68 against the dollar, down 3 paise from its previous close. The local currency had settled 11 paise higher at 68.65 against the greenback on Tuesday.
Market experts said adequate dollar supplies following suspected RBI intervention through state-owned banks mainly supported the recovery in the rupee.
However, foreign institutional investors, or FIIs, stood net sellers in the domestic equity market on Tuesday, as they offloaded shares worth Rs 1,366 crore with gross purchases and gross sales of Rs 4,037 crore and Rs 5,404 crore
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