Indian rupee. File | Photo Credit: Ranvijay Singh
Selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the upmove.
The rupee appreciated by 30 paise to ₹69.98 against the US dollar in opening trade Thursday, driven by foreign inflows and positive opening in domestic equities.
The rupee opened strong at 70.08 at the interbank forex market and then gained further ground and touched ₹69.98, a gain of 30 paise over its last close.
Forex dealers said selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the upmove.
Besides, fresh foreign fund inflows also boosted sentiments in domestic the forex market, they added.
The rupee Wednesday had strengthened by 21 paise to close at ₹70.28 against the US dollar.
Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in ₹1,130.78 crore on a net basis Wednesay, as per provisional data.
Brent crude futures, the global oil benchmark, rose 0.48 per cent to trade at $ 66.31 per barrel.
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