Rupee snaps 2-day losing streak vs $, up 9 paise

14 Feb 2017

Snapping 2-day losing streak against the American currency, the Indian rupee recovered by 9 paise to end at 66.93 per dollar on fresh selling of dollars by banks and exporters on the back of weakness of dollar in the overseas market.
Persistent foreign capital inflows also boosted the rupee value against the dollar, a forex dealer said.
The rupee opened higher at 66.97 per dollar as against the Monday's closing level of 67.02 at the Interbank Foreign Exchange (FOREX) market.
Later, it gained further on good bouts of dollar selling from banks to 66.9050 per dollar before ending at 66.93 per dollar, showing a gain of 9 paise or 0.13 per cent.
The domestic currency had dropped by 17 paise or 0.25 per cent in previous two trading days.
The local currency moved in a range of 66.9050 per dollar and 66.98 per dollar during the day.
The dollar index was trading down by 0.16 per cent against a basket of six currencies in the late afternoon trade.
In the overseas market, the dollar softened against its rival currencies in the late afternoon trade, as investors await Federal Reserve Chairwoman Janet Yellen s semiannual congressional testimony on interest-rate policy.
However, the US dollar was near 3-week high against a basket of currencies in early Asian trade. (PTI)