Rupee opened on a strong note at 74.51 per dollar in the interbank foreign exchange market
Rupee opened on a strong note at 74.51 per dollar in the interbank foreign exchange market
The rupee appreciated by 22 paise to 74.44 in early trade on February 21 on softening crude oil prices and revived hopes of a diplomatic solution to the Russia-Ukraine crisis.
On Friday, in the interbank foreign exchange market, the local currency opened at a strong level of $ 74.51 against the previous close of 74.66.
The rupee advanced to trade at 74.44 at 1030 hrs on softening crude oil prices.
Reports suggested that the US and Russia have agreed to hold a summit over the Ukraine standoff, to placate investors. Reports also suggested that one of the preconditions for the summit is that Russia would not invade Ukraine, raising hopes of a diplomatic solution to the crisis.
Recently, fears of supply disruptions due to a possible invasion of Ukraine by Russia have led to a rise in crude oil prices.
Brent crude fell 0.34% to $93.22 a barrel on Monday. The US Dollar index also closed at 95.84, down 0.21%.
Foreign investors remained net sellers in the Indian capital markets as they sold equities worth Rs 2,529.96 crore on a net basis on Friday.
Meanwhile, on the domestic equities front, BSE Sensex was trading 398.17 points lower at 57,434.80 and NSE Nifty fell 93.20 points at 17,183.10 in late night deals.
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