Rupee surges 19 paise against US dollar

The rupee surged by 19 paise to 68.65 against the US currency in early trade at the Interbank Foreign Exchange on Monday as the dollar weakened globally, amid foreign fund inflows.

Increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.

The dollar extended losses against world currencies overseas after U.S. President Donald Trump doubled down on his criticism of global monetary policy and the Federal Reserve last week.

Further, a higher opening in the domestic equity market boosted the rupee, they added.

On Friday, the rupee staged an impressive rebound from life-time low levels, surging 21 paise to end at 68.84 against the dollar on suspected the central bank’s intervention to check volatility in currency markets.

Meanwhile, the benchmark BSE Sensex rose further by 79.40 points, or 0.21% to trade at 36,575.77 in early trade.

Foreign portfolio investors (FPIs) bought shares worth Rs 310.27 crore on Friday, as per provisional data.