Rupee rises 12 paise to USD 85.42 against US dollar in early trade

MUMBAI: (May 16) Rupee rose 12 paise to 85.42 against the greenback in early trade, buoyed by strong FII inflows and a weaker dollar index.

However, widening of trade deficit, a weaker start in the domestic equity markets and a rise in Brent crude prices capped further gains in the local unit, according to forex traders.

At the interbank foreign exchange, the rupee opened strong at 85.28 against the US dollar before dropping to 85.42, higher by 12 paise from its previous close. On Thursday, the rupee depreciated 22 paise to close at 85.54 against the greenback. PTI