Rupee up 5 paise to 68.67 against US Dollar

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NEW DELHI: On Thursday following hitting a record inferior of 68.86 against the US dollar in intraday trade, the rupee opened 5 paise elevated at 68.67 next to the greenback on Friday.

Market experts have also conveyed that some selling of American dollars by banks and exporters supported the local currency in commencing deal.

 At 9.23 am, the rupee was buying and selling 6 paise elevated at 68.68 against the US Dollar. On Friday the domestic equity market commenced in the green firm Asian cues. The BSE Sensex was trading 64.27 points, or 0.25 per cent, superior at 25,924 in the first hour of deal, whereas NSE's Nifty50 was up 32.80 points, or 0.41 per cent, at 7,998. 

On Thursday, the rupee commenced at 68.76 next to the dollar, touched a record inferior of 68.86 during the day, but concluded at 68.72 even following the Reserve Bank of India pumped almost half a billion dollars to prop it up.

The domestic unit had hit its lifetime inferior of 68.85 on August 28, 2013.  According to the data available with NSDL, On Thursday Foreign Institutional Investors stood net sellers in the domestic equity market, as they offloaded shares worth Rs 1,095.10 crore.

Gross purchases and gross sales of FIIs stood at Rs 4,235.62 crore and Rs 5,330.72 crore, respectively.  Edelweiss Broking has also further conveyed that, the current weakness in USD-INR would carry on over the subsequently few days.

 The weakness in the domestic currency will largely be contained underneath the 69.50 to 70 level over the subsequently few weeks previous to the market normalises.