Rupee rises 39 paise to 70.30 against US dollar in early trade

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the $60 per barrel mark. Traders said the weakness in the greenback against some currencies overseas and a higher opening of domestic equities supported the rupee.

At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close.

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The rupee had rallied 77 paise to end at 70.69 against the US dollar Thursday, in lock-step with softening crude oil prices and foreign capital inflows.

The forex market was closed Friday on account of Gurunanak Jayanti.

In the last seven trading sessions, the rupee has gained a healthy 220 paise.

Forex traders said the uptrend in the local unit was largely driven by foreign funds inflows to capital markets and softening crude oil prices.

Foreign funds poured in Rs 446.24 crore into the capital markets on a net basis Thursday, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data showed.

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Globally, Brent crude, the international benchmark, slipped below the $60 per barrel mark and was trading at $59.47 per barrel Monday.

Meanwhile, the benchmark BSE Sensex opened on a positive note higher by 137.07 points, at 35,118.09 in opening trade.