Rupee rises 7 paise to 71.21 per dollar

Rupee rises 7 paise to 71.21 per dollar

The rupee appreciated by 7 paise to 71.21 against the US dollar in opening trade on Wednesday, driven by positive opening in domestic equities.

Forex traders said positive opening in domestic equities supported the local unit, while rising crude prices, foreign fund outflows and strengthening of the American currency weighed on rupee and restricted its upmove.

Moreover, rupee continued to consolidate in a narrow range ahead of inflation and industrial production figures scheduled to be released later in the day, they added.

The rupee opened strong at 71.24 at the interbank forex market then gained further ground to touch 71.21 per dollar, displaying gains of 7 paise against the greenback.

On Tuesday, the rupee had settled at 71.28 against the US dollar.