Rupee inches 5 paise higher to 72.41 against US dollar in early trade

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Mumbai, Mar 16 (PTI) The rupee appreciated by 5 paise to 72.41 against the US dollar in opening trade on Tuesday supported by positive domestic equities.

At the interbank forex market, the local unit opened at 72.46 against the US dollar, then inched higher to 72.41 against the greenback, registering a rise of 5 paise over its previous close.

On Monday, the rupee had settled at 72.46 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 189.07 points higher at 50,584.15, and the broader NSE Nifty advanced 42.50 points to 14,972.

'The rupee opened on a flat note against the US dollar in opening trade on this morning. Despite strong Asian equity market, FPI keep reducing their position in the domestic equity market,' said Kshitij Purohit, Product Manager, Currency and Commodities at CapitalVia Global Research Limited.

Most Asian currencies were trading on a marginally bullish note against the US dollar on Tuesday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 91.79.

Brent crude futures, the global oil benchmark, fell 0.83 per cent to USD 68.31 per barrel.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,101.35 crore on Monday, according to exchange data. PTI DRR ANS ANS