Rupee gains 7 paise to Rs 84.22 against US dollar on strong equity rally

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Rupee gains 7 paise to Rs 84.22 against US dollar on strong equity rally - Business Standard

Quick Summary:

Forex traders said the MSCI equity index rebalancing significantly boosted sentiment for Indian equity markets as foreign institutional investors broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee.

Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite.

At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close.