The rupee appreciated 11 paise to 72.54 against the US dollar in opening trade on Monday supported by sustained overseas fund inflows and weak spot of the American forex in the abroad market.
At the interbank foreign exchange market, the home unit opened at 72.58 against the US dollar and inched greater to 72.54 against the buck, registering an increase of 11 paise over its earlier shut.
On (*11*), the rupee had settled at 72.65 against the American forex.
The foreign exchange market was shut on Friday on account of Chhatrapati Shivaji Maharaj Jayanti.
Meanwhile, the dollar index, which gauges the buck’s energy against a basket of six currencies, fell 0.04 per cent to 90.32.
The rupee began on a powerful observe against the US dollar monitoring the weak spot of the buck. Additionally, overseas portfolio funding (FPI) flows into the markets might additionally lend assist, Reliance Securities mentioned in a analysis observe.
“The vital macroeconomic information releases this week are the third quarter GDP information and the fiscal deficit information which might transfer the markets,” the observe added.
Traders mentioned buyers might await the discharge of the RBI Monetary Policy Committee’s February assembly minutes on Monday for additional cues.
On the home fairness market entrance, the 30-share BSE benchmark Sensex was buying and selling 416.83 factors decrease at 50,472.93, and the broader NSE Nifty declined 100.80 factors to 14,880.95.
Foreign institutional buyers have been web patrons in the capital market as they bought shares price Rs 118.75 crore on Friday, in accordance to alternate information.
Brent crude futures, the worldwide oil benchmark, superior 1.30 per cent to USD 63.73 per barrel.
