Rupee opens 5 paise higher at 69.67 against US dollar

The rupee opened 5 paise higher at 69.67 against the US dollar on Wednesday. The domestic unit on Tuesday rose marginally by 2 paise to close at 69.72 in a lacklustre trade as participants preferred to sit on the fence ahead of the results of general polls.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,185.44 crore on Tuesday, provisional exchange data showed.

A Bloomberg report dated May 21 said that Qi Gao, a currency strategist at Scotiabank in Singapore, expects the rupee to strengthen 67 per dollar by end-June on Narendra Modi's return to power