New Delhi: The rupee on Thursday surged by 42 paise to 71.59 against the US Dollar in early trade. This comes after the new RBI governor Shaktikanta Das took charge and stressed on the need for a consultative approach to tackle pressing economic issues.
Forex traders opined that a higher opening of domestic equity markets and weakening of the US dollar against some overseas currencies helped the local unit surge.
At the Interbank Foreign Exchange, the rupee opened on a strong note at 71.70 against the US dollar, then appreciated further to 71.59 showing a rise of 42 paise.
Traders said that foreign fund outflows and rising crude oil prices curtailed the appreciating spree of the rupee.
On Wednesday the rupee had declined by 16 paise to 72.01 per US dollar.
The domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 35,985.34, up 206.27 points in early trade. Similarly, Nifty was also trading with gains of 61.30 points at 10,798.90.
Meanwhile, global benchmark Brent crude was trading higher by 0.68 percent at 60.56 per barrel.
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Ms Kalinga