Comments
The rupee advanced further by 16 paise to Rs 45.90 per US dollar in early trade today on persistent selling of the American currency by banks and exporters in view of dollar weakness in the overseas market.
The rupee resumed higher at Rs 45.95/96 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 46.06/07 per dollar, and moved up further to Rs 45.90 per dollar before quoting at Rs 46.01/02 per dollar at 10.30 a.m.
The domestic currency moved in a range between Rs 45.90 and Rs 46.05 per dollar in morning deals.
Banks and exporters preferred to reduce their dollar holdings amid weakness of the greenback in the overseas markets, a forex dealer said.
A firming trend in the equity market also boosted the rupee sentiment, he added.
In New York, the dollar weakened yesterday after upbeat US economic data boosted investors’ appetite for assets deemed riskier, like stocks.
The US dollar extended its decline after the Federal Reserve Chairman, Mr Ben Bernanke, last week signalled no need for an immediate round of additional stimulus for the American economy, though the option has been left open.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.