The rupee appreciated 19 paise to 94.56 against the US dollar in early trade on Wednesday, supported by a weakening American currency and renewed foreign fund inflows into domestic equities.
The Indian currency’s gains came amid a decline in the US dollar against major global currencies. The dollar index, which measures the greenback’s strength against a basket of six currencies, slipped 0.3 per cent on Wednesday.
Forex market sentiment also received support from renewed foreign investor interest in Indian equities. Foreign investors purchased more than USD 700 million worth of Indian shares on Tuesday, taking their net purchases over three sessions to around USD 1.5 billion, according to market data.
The rupee had closed at 94.74 against the US dollar on Tuesday, according to Reuters.
Market participants are expected to monitor movements in crude oil prices, foreign fund flows and developments in the global currency market for further direction.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
