The Indian rupee appreciated 15 paise to open at 69.99 against the dollar on Monday compared to previous close of 70.14/$.
At 9:40AM, IST, the domestic unit was trading at 69.97 against the dollar. On Friday, the currency depreciated by 14 paise to close at 70.14/$.
The appreciation could be attributed to increasing foreign fund inflows in the domestic equity market. FIIs in this year until now have poured in funds worth $1.2bn in equity and debt segment.
Meanwhile, on Friday, FIIs bought 1,095cr worth of stock in cash; however FIIs sold 251cr of Index futures and bought 1,009cr worth of Index options. In the Stock futures segment, FIIs sold 1,088cr worth of stock futures and bought 139cr stock options.
Incidentally, equity benchmark were trading in the green on Monday with the Sensex gaining 277 points at 36,948 levels. The Nifty also climbed 90 points to trade at 11,125 levels.
Besides, investors will now be focusing on the upcoming national election. On Sunday, the Election Commission of India
announced that the upcoming election will be held in seven phases beginning from April 11, 2019. The Chief Election Commissioner, Sunil Arora, said that the election will be held on April 11, 18, 23 and 29, and May 6, 12 and 19. The votes will be counted May 23.