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As on: Sep 22, 2019 10:06 PM
Rupee Extends Gain On Weak Dollar Overseas
16-May-19   11:05 Hrs IST
The Indian rupee extended gains against the dollar in early trades on Thursday, 16 May 2019 driven by weakening of the greenback in overseas markets and positive opening in domestic equities. Weakening of the American currency in the overseas markets supported the rupee, while rising crude prices, US-China trade concerns and foreign fund outflows weighed on the domestic currency. Foreign institutional investors net sold equities worth Rs 1,142.44 crore on Wednesday, provisional data available with stock exchanges showed.

The domestic currency opened at Rs 70.26 against the dollar and registered an intraday high and low of 70.21 and 70.32 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 70.25. The rupee Wednesday had appreciated 10 paise and closed at 70.34 against the US dollar.

The Sensex was trading with small gains while the Nifty was almost flat in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 24.40 points or 0.07% at 37,139.28. The Nifty 50 index was down 0.80 points or 0.01% at 11,156.20.

Overseas, Asian shares were mixed, following reports that US President Donald Trump plans to postpone auto tariffs by up to six months. Trade tensions, however, continued to weigh on investor sentiment as Trump declared a national emergency to protect US computer networks from foreign adversaries He signed an executive order which effectively bars US companies from using foreign telecoms believed to pose national security risks.

Meanwhile, the dollar index against a basket of six major currencies was nearly flat at 97.542 after posting modest gains the previous day.

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