Rupee rises 7 paise to 93.70 against US dollar in early trade

What happened: The rupee opened at around 93.71 and touched 93.70 against the US dollar in early trade, up 7 paise from Monday's close. Key numbers: Rupee at 93.70, up 7 paise. Monday close 93.77 after a 21 paise gain. FIIs bought equities worth Rs 7,212.22 crore on Monday. Why it matters: Forex traders said foreign investors are gradually returning to the domestic market, and continued inflows could cushion the rupee against external uncertainties. Amit Pabari of CR Forex Advisors said USD/INR could extend its decline towards 93.50, with 93.00 as the next level to watch.

The rupee opened at around 93.71 and touched 93.70 against the US dollar in early trade, up 7 paise from Monday's close.

Forex traders said foreign investors are gradually returning to the domestic market, and continued inflows could cushion the rupee against external uncertainties. Amit Pabari of CR Forex Advisors said USD/INR could extend its decline towards 93.50, with 93.00 as the next level to watch.