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Rupee rises 29 paise against US dollar in early trade

Mumbai, May 5 (PTI) The rupee on Thursday opened higher by 29 paise at 76.11 against the US dollar in early trade amid weakening of the US currency in overseas markets.

In the interbank foreign exchange market, the rupee opened at 76.17 against the US dollar and edged up to 76.11, showing a rise of 29 paise over the previous close.

In the previous trading session, the rupee had closed at 76.40 against the dollar on Wednesday.

Foreign capital inflows due to the Life Insurance Corporation of India (LIC) IPO weighed on the sentiment and boosted the domestic currency.

The dollar index, reflecting the US dollar’s position against the six major currencies, declined 0.03 per cent to 102.55.

Meanwhile, global oil benchmark Brent crude futures rose 0.35 per cent to $110.53 per barrel.

Foreign institutional investors sold shares worth a net Rs 3,288.18 crore on Wednesday as against provisional data of the stock market.

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