Indian rupee gains 4 paise at 67.01 against US dollar in early trade

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Indian rupee opened firm with gains of 4 paise at 67.01 against US dollar at the Interbank Foreign Exchange (Forex) market on Friday following selling of American currency by banks and exporters amid firm domestic markets. The local currency was trading at 67.01 level at 9.45 am and had closed at 67.05 level against the US dollar on Thursday. Domestic stock markets opened in green on Friday following short-covering amid mixed global cues. At 9.45 am, Sensex was trading 64.12 points up at 27,900.03, while NSE Nifty ws trading 17.90 points up at 8,610.10.

Dollar weakness against other emerging currencies also helped the rupee gain. Investors are eyeing US Federal Reserve chair Janet Yellne’s speech at the central bank heads conference where she is expected to give cues on further rate hike.

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyer of Rs 835.00 crore in index futures and options segments, as per Thursday’s data, August 25, 2016.

FIIs were net buyers of index futures to the tune of Rs 942.31 crore and net sellers of index options worth Rs 107.32 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 1563.81 crore, while they bought stock options worth Rs 104.82 crore.