Indian rupee extends rally, up 5 paise at 66.44 against dollar in early trade.

The Indian rupee extended Tuesday’s gains and opened 5 paise up at 66.44 against the dollar at the Interbank Foreign Exchange on Wednesday as bankers and exporters took to selling of American currency amid firm opening of domestic equity markets. The Indian rupee was trading at 66.47 level at 9.58 am against the closing of 66.48 on Tuesday. The local unit had ended with gains of 13 paise at 66.48 on Tuesday against the dollar following selling of American currency by exporters and bankers.

Domestic equity markets also supported the markets rally. At 10.06 am, Sensex was trading 59.19 points up at 28,282.89, while NSE Nifty was trading 19.85 points up at 8,726.25.

However, dollar’s strengthen against some currencies overseas, which capped rupee’s gains.

The FIIs as per Tuesday’s data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL. In equity segment, the gross buying was of Rs 4413.60 crore against gross selling of Rs 4557.21 crore. Thus, FIIs stood as net sellers of Rs 143.61 crore in equities. In the debt segment, the gross purchase was of Rs 1764.25 crore with gross sales of Rs 636.13 crore. Thus, FIIs stood as net buyers of Rs 1128.12 crore in debt.

Source : financialexpress.com