Rupee rises 46 paise to 70.44 against US dollar in early trade

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, 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 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close.

On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90.

The local unit also gathered momentum following easing crude oil prices.

Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.74 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 72.47 crore, while DIIs sold share to the tune of Rs 389.78 crore Thursday, provisional data showed.

The 30-share index rose 157.23 points, or 0.45 per cent, to trade at 35,469.36. In similar movement, the NSE Nifty was trading 50.45 points, or 0.37 per cent, higher at 10,640.70.