Mumbai: The Indian Rupee surged by 5 paise to 71.23 against the US dollar during early trade at the interbank forex market on Tuesday, amid fresh selling of the American currency by exporters and banks.
Forex dealers opined that weakening of the US Dollar against other overseas currencies due to concerns about a global slowdown, supported the upward spree of rupee.
However, a weak trend in domestic equities in early trade limited the rupee’s gain. On Monday, the rupee had closed 9 paise lower at 71.28 against the US currency amid rise in demand for the greenback.
Meanwhile, benchmark BSE Sensex fell 71.47 points, or 0.18 per cent, to 36,507.49 and the NSE Nifty was down by 30.95 points, or 0.29 per cent, at 10,930.90 in opening trade Tuesday.
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