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The Indian rupee rebounded against the dollar in early trades on Thursday, 17 January 2019 driven by positive opening in domestic equities and weakening greenback in overseas markets. Besides, easing crude oil prices and selling of the American currency by exporters supported the rupee. However, sustained foreign fund outflows, restricted the rupee gains. The domestic currency opened at Rs 71.15 against the dollar but slipped to a low of 71.37 so far during the day. In the spot currency market, the Indian unit was last seen trading at 71.37. The rupee Wednesday plunged by 19 paise to close at 71.24 against the US dollar. Local stocks nudged higher in early trade on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 89.32 points or 0.25% at 36,410.61. The Nifty 50 index was up 23.20 points or 0.21% at 10,913.50. Overseas, Asian shares were trading higher on Thursday as upbeat bank earnings bolstered Wall Street. In US, Wall Street's major indexes hit one-month highs on Wednesday as strong earnings from Bank of America Corp and Goldman Sachs Group Inc boosted investor sentiment. The Dow Jones Industrial Average rose 141.57 points, or 0.59%, to 24,207.16, the S&P 500 gained 5.8 points, or 0.22%, to 2,616.1 and the Nasdaq Composite added 10.86 points, or 0.15%, to 7,034.69. Meanwhile, the dollar index, which measures the US currency's strength against major currencies, was trading at 96.122, up 0.07% from its previous close of 96.059. Asian currencies were trading lower amid concern the investigation into Huawei for allegedly stealing trade secrets may undermine a recent improvement in US-China ties. Powered by Commodity Insights
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