New Delhi: The rupee surged to a two-week high against US dollar in the opening trade on Wednesday after local equity markets gained for the fourth consecutive session. The domestic currency was trading at 73.42 a dollar, up 0.1% from its Monday’s close of 73.47.
The rupee had lost 26 paise to close at 73.83 on Monday after crude prices rose amid intensifying geopolitical tensions. Market dealers had attributed the rupee’s fall to the strengthening of Dollar against some other currencies overseas but fresh inflows by foreign funds and a higher opening in domestic equity markets, capped the losses.
Moreover, India’s exports entered the negative zone after five months- deflating 2.15% in September to $27.95 billion, according to data released by Ministry of Finance.
The Rupee opened at 73.34 a dollar on Wednesday. The Benchmark Sensex too rose 249.18 points or 0.71% to 35,411.66 points.
Also Read: Gold Prices Fall By Rs. 70 Due To Weak Demand Ahead Festive Season
Ms Kalinga