Rupee snaps 3-day losing streak vs $, up 20 paise

19 May 2017

The rupee snapped its 3-day losing streak againgst the American currency by recovering 20 paise to close at 64.64 per dollar after hitting 65-level after one and half month on fresh selling of dollars by banks and exporters in view of weakness of dollar in the overseas market.
Hopes of foreign capital inflows into equity market also boosted the rupee value against the dollar, a forex dealer said.
The rupee opened higher at 64.78 per dollar as against the Thursday's closing level of 64.84 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 65.02 per dollar before ending at 64.64 per dollar, showing a gain (rpt) of 20 paise or 0.31 per cent.
The rupee had dropped by 79 paise or 1.23 per cent in previous three days.
The rupee last touched 65.06 level on April 6, 2017.
The domestic currency hovered in a range of 65.02 and 64.5950 per dollar during the day.
The dollar Index was down 0.44 per cent against a basket of six global currencies in the afternoon trade.
Overseas, the dollar traded above six-month lows against a basket of six major peers today, having gained some reprieve as solid US economic data helped temper a sell-off triggered by political tumult in Washington.
The British pound and the euro moved higher today in the global market, as the dollar eroded some gains amid ongoing uncertainty surrounding U.S. politics. (PTI)