Rupee rises 21 paise to 3-month high of 69.64 against US dollar

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close.

On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar.

The local unit also gathered momentum following easing crude oil prices, which slipped below the USD 60 per dollar mark as investors fretted over a supply glut.

Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at USD 59.76 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed.

The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit.

The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15.