Rupee rises 13 paise to 69.24 against US dollar in early trade

The rupee appreciated by 13 paise to 69.24 against the US dollar in opening trade Friday, driven by easing crude oil prices and higher opening in domestic equities. Forex traders said the weakening of the greenback in overseas markets coupled with sustained foreign fund inflows aided the local unit.

The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.24, displaying gains of 13 paise over its last close.

The local unit however, pared some gains and was trading at 69.26, up 11 paise from its previous close at 0945 hrs.

The rupee had appreciated by 19 paise to 69.37 against the US dollar Thursday.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 597.54 crore Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, eased 0.38 per cent to USD 70.48 per barrel.

Meanwhile, the US Federal Reserve held key interest rates steady amid lack of inflationary pressures.

Domestic bourses opened on a bullish note Friday with benchmark indices Sensex trading 97.65 points up at 39,079.08 and Nifty up 22.45 points at 11,747.20.