Rupee rises 31 paise to 73.14 against US dollar on falling crude prices

The rupee appreciated 31 paise to 73.14 against the dollar at the interbank foreign exchange Friday after crude prices fell to seven-month lows in the global market amid fresh foreign fund inflows.

The rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas, traders said.

They said a higher opening in the domestic equity market too supported the rupee.

Brent crude, the international benchmark, dropped 3.48 per cent to trade at a seven-month low of $72.65 per barrel on higher supply from world's major producers.

The rupee had gained 50 paise to close at 73.45 against the US dollar Thursday, posting its biggest single-session spurt in three weeks on increased selling of the greenback by exporters, softening crude oil prices and upbeat economic numbers.

Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 3.48.75 crore Thursday, as per provisional data.

Meanwhile, the benchmark BSE Sensex rose 271.38 points, 0.81 per cent, to trade at 34,703.35 in early trade.