Rupee rises 17 paise to 73.05 towards greenback

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The rupee rose for the third straight year on Tuesday, closing 17 percentage points higher at 73.05 (tentative) against the US dollar, tracking positive domestic stocks and a weakening US currency in the overseas market.

In the interbank forex market, the rupee opened at 73.18 and hit an intraday high of 72.95 and a low of 73.18 during the session.

The local unit eventually settled on 73.05 and posted a gain of 17 paise from the previous closing price. On Monday the rupee closed at 73.22 against the US dollar.

The domestic unit has appreciated 37 paise in the last three trading sessions.

The dollar index, which measures the strength of the greenback against a six-currency basket, fell 0.40 percent to 89.80.

In the domestic stock market, the BSE Sensex rose 612.60 points, or 1.24 percent, to 50,193.33, while the wider NSE Nifty rose 184.95 points, or 1.24 percent, to 15,108.10.

Foreign institutional investors were net sellers on the capital market on Monday when they outsourced shares valued at Rs.2,255.84 billion, according to stock market data.

Brent crude oil futures, the global oil benchmark, rose 0.86 percent to $ 70.06 a barrel.