Rupee strengthens to 65.01

3 Apr 2018

The rupee made a strong recovery against the buoyant US currency to close at 65.01, surging by 17 paise on fresh bouts of dollar selling, seemingly unfazed by escalating trade tensions between the US and China.
A massive unwinding of dollar long positions by exporters and corporates predominantly lifted the forex sentiment.
The dollar weakened against other global currencies as China imposed extra tariffs on US products, escalating a dispute between two of the world’s biggest economies.
The rupee opened strong by 9 paise at 65.09 at the interbank foreign exchange market today. It hovered in a range of 65.13 and 64.98 before ending at 65.01, up 17 paise.
On Wednesday, the rupee had ended 21 paise lower at 65.18 against the US currency on fiscal deficit concerns.
Forex market had remained shut on Monday due to annual accounts closing. The market had also remained shut on Thursday and Friday for Mahavir Jayanti and Good Friday, respectively.
Meanwhile, the 30-share BSE index Sensex closed up by 115.27 points or 0.35 per cent at 33,370.63 and the 50-share NSE index Nifty ended up 33.2 points or 0.33 per cent at 10,245.