INR over 2-month high supported higher than expected FCNR (B) deposits

The Indian rupee appreciated 47 paise to 94.26 against the US dollar in early trade on Thursday, supported by much higher than expected FCNR (B) deposits mobilisation. Pull back in dollar amid halt in oil price rally on easing geopolitical tensions is also helping gains in the counter. At the interbank foreign exchange market, the rupee opened at 94.30 against the US dollar, then gained ground to touch 94.26, registering a gain of 47 paise from its previous close. Local shares opened on a firm note on Thursday as U.S. Treasury yields eased from recent highs after the release of weak private sector employment data and oil steadied after climbing to more than one-month highs. The 30-share BSE Sensex edged up 303 points, or 0.40 percent, to 76,873, while the NSE Nifty index was up 90 points, or 0.4 percent, at 24,004.