Rupee Surges 7 Paise to 77.49 Against US Dollar in Early Trade as Crude Oil Price Falls

The rupee rose 7 pounds to 77.49 against the US dollar in opening trading on Friday as crude oil prices retreated from high levels. In the interbank foreign exchange market, the rupee opened at 77.51 against the US dollar and then gained more ground to quote at 77.49, marking a 7 piaster rise from the last close.

On Thursday, the rupee settled at 77.56 against the US dollar. Global oil benchmark Brent crude futures fell 0.71 percent to $111.24 a barrel.

The dollar index, which measures the strength of the US currency against a basket of six currencies, was trading 0.29 percent higher at 103.02. According to Sriram Iyer, senior research analyst at Reliance Securities, the rupee opened stronger against the US dollar on Friday, supported by a general drop in the US currency and easing bond yields.

“Asian and emerging market peers are starting weaker and could limit their strength. However, crude oil prices are lower and sentiment could help. On the local stock market front, the 30-share Sensex traded 1,025.44 points, or 1.94 percent, at 53817.67 A point, while the broader NSE Nifty stock advanced 315.55 points, or 2 percent, to 16,124.95.

Foreign institutional investors were net sellers in the capital market Thursday offloading shares worth Rs.4899.92 crore, according to stock exchange data.

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