Rupee rises against US dollar

MUMBAI, July 15 (PTI): The rupee appreciated by 16 paise to 68.53 against the US dollar in opening trade Monday, driven by positive opening in domestic equities and easing crude oil prices.

The rupee opened strong at 68.59 at the interbank forex market then gained further ground to touch 68.53 per dollar, displaying gains of 16 paise over its previous close.

On Friday, rupee had settled at 68.69 against the US dollar.

Forex dealers said, easing crude oil prices and positive opening in domestic equities supported the rupee. However, foreign fund outflows weighed on the domestic currency and restricted the upmove.

Brent crude, the global benchmark, was trading at 66.64 per barrel lower by 0.12 per cent.