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Indian rupee gains 19 paise versus dollar in early trade

The Indian rupee gained in the early trade on Thursday. It has opened higher by 19 paise at 64.54 per dollar versus 64.73 Wednesday. On Wednesday the rupee closed with marginal gains. The rise was primarily on the back of some custodian banks selling the dollar in exchange for the rupee, likely for their foreign portfolio investor clientele, dealers said. So far this year, FPIs have bought USD 7.6 billion and USD 9.7 billion in the Indian equity and debt markets, respectively. Market participants expect the rupee to trade between 64.55 and 65 for some time.

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