The local currency was trading at 68.61 against the US at around 9.25 am (IST) against the previous close of 68.74 against dollar.
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The rupee was trading 13 paise higher in the early trade on Wednesday following sustained inflows by foreign institutional investors amid robust domestic equity market.
The local currency was trading at 68.61 against the US at around 9.25 am (IST) against the previous close of 68.74 against dollar.
“Rupee rose against the US dollar primarily as foreign fund inflow continued in April after huge inflows in the previous month,” brokerage firm Motilal Oswal Financial Services said.
Last month, the FIIs added $6.6billion in the equity and debt segment and yesterday in a day added another $2.1billion. The equity segment added $1.3billion and debt segment added $723million.
Consistent inflows suggest that FIIs remain bullish on the Indian growth story. Momentum of flows in the recent past has been positive also as market participants are expecting that the RBI could consider cutting rates on April 4.
“The central bank is expected to remain dovish and that could restrict major appreciation for the currency. Today, USDINR pair is expected to open at 69.15(Apr) and quote in the range of 68.80 and 69.40,” Motilal Oswal said.
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