NEW DELHI: The rupee climbed 20 paise to 69.94 against the US dollar in early trade on Monday on account of some selling in American currency by banks and exporters.
The local currency, however, opened the day at 70.01 against the previous close of 70.14 against the greenback. The domestic currency logged gains of 78 paise last week.
In the last few sessions rupee rose primarily on the back of fund inflows. FIIs, this year, until now have poured in funds worth $1.2 billion in equity and debt segment thereby keeping the currency supported at lower levels.
This week, market participants will be keeping an eye on inflation and industrial production number. “There are expectations that both inflation and IIP could disappoint and could restrict major appreciation for the rupee. Today, USDINR pair is expected to quote in the range of 69.80 and 70.50,” Motilal Oswal Financial Services said.
The dollar came under pressure against its major crosses after disappointing non-farm payrolls number that showed the US economy added 20,000 jobs in February compared to 311,000 jobs in the previous month.
Source: economictimes.indiatimes.com