Mumbai, India (BBN) – The rupee was trading strong at 68.16 in the evening session on increased selling of the US currency by exporters and banks and a firm domestic equity market.
Forex dealers said that besides selling of the American greenback by exporters and banks, weakness in the dollar against other currencies overseas supported the rupee, reports PTI,
Further, a firm domestic equity market influenced the rupee uptrend, they added.
The domestic unit opened flat at 68.20 at the Interbank Foreign Exchange market today.
It hovered in a range of 68.20 and 68.07 before quoting at 68.16, up 4 paisa at 4:25pm local time.
Meanwhile, the 30-share BSE index Sensex ended higher by 258.24 points or 0.95 per cent at 27,375.58.
In the overseas market, the dollar wallowed near seven-week lows in Asian trade on Tuesday, pressured by concerns about the impact of US President Donald Trump’s protectionist trade stance.
The dollar index, which tracks the greenback against a basket of six major peers, slipped 0.1 per cent to 100.040 , after falling to 99.899 on Monday, its lowest since December 8.