Rupee rises 9 paise to 71.02 vs dollar

The rupee darted up 9 paise to 71.02 against the US dollar in early trade Thursday amid a reversal in foreign fund outflows even as oil prices hardened. At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly higher at 71.06 and built on the gains to reach 71.02.

Snapping a four-session downturn, the rupee had appreciated by 23 paise to end at 71.11 against the US dollar on Wednesday. Foreign institutional investors (FIIs), who had been heavy sellers over the past few sessions, net bought equities worth Rs 713.47 crore Wednesday, provisional data showed.

Brent crude futures, the global oil benchmark, was trading 0.24 per cent higher at USD 67.24 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 96.52.

Meanwhile, the benchmark BSE Sensex climbed 19.16 points, or 0.05 per cent, to trade at 35,775.42 in early trade Thursday.