Mumbai: The Indian Rupee on Wednesday surged by 8 paise to 71.49 against US Dollar in early trade at the forex market amid a positive opening in domestic equities and fresh foreign fund inflows.
Forex traders said investors were cautious ahead RBI’s Monetary Policy Committee outcome scheduled for February 7. Furthermore, rising crude prices curtailed the gaining spree of the domestic unit.
At the Interbank Foreign Exchange, the rupee opened higher at 71.56 then gained further to touch 71.49 against the US dollar- showing a gain of 8 paise over its previous closing.
On Tuesday, the rupee had settled 23 paise higher at 71.57 against the US dollar.
Meanwhile, the domestic equity market opened on a higher note. The 30-share ESE benchmark Sensex soared by 358 points to trade at 36,833.84, up 217.03 points in early trade. The Nifty was also trading up by 65 points at 10,999.35.
Meanwhile, the global benchmark, Brent crude oil was trading at $62.02 per barrel, higher by 0.06%.