The rupee on Monday opened 20 paise higher at 70.61 against the US dollar due to selling in the greenback by banks and importers amid persistent foreign fund inflows.
Overseas investors pumped in a net Rs 16,464 crore into the domestic capital markets in October amid positive domestic and global cues. As per latest depositories data, foreign portfolio investors (FPI) pumped in a net amount of Rs 12,475.7 crore into equities and Rs 3,988.9 crore into the debt segment in October.
This translates into a total net investment of Rs 16,464.6 crore in the domestic capital markets.
Prior to this, FPIs had infused a net Rs 6,557.8 crore into the capital markets (both equity and debt) in September.
The local currency appreciated by 11 paise to close at 70.81 against the US dollar on Friday.
“Trade talks between US and China will continue to remain in focus and will influence the move for the dollar. Today, USDINR pair is expected to quote in the range of 70.70 and 71.30,” Motilal Oswal Financial Services said in a report.
Source: economictimes.indiatimes.com