Mumbai, India (BBN)-Indian rupee was trading strong at 68.17 in the evening session on fresh selling of the US currency by exporters and banks.
According to forex dealers, dollar’s weakness against some other currencies overseas supported the rupee, reports The Hindu Business Line.
Moreover, a firm domestic equity market influenced the rupee uptrend, they added.
The domestic unit opened higher by 15 paisa at 68.06 at the Interbank Foreign Exchange market today.
It hovered in a range of 68.18 and 67.98 before quoting at 68.17, up 4 paisa at 3.40 pm local time.
Yesterday, the rupee had tumbled by over 25 paisa to close at 68.21 against the US dollar on renewed worries over fall in the country’s economic growth coupled with concerns regarding quarterly earnings due from this week.
Meanwhile, the benchmark BSE Sensex ended the session higher by 173.01 points or 0.65 per cent at 26,899.56.
In the overseas market, the dollar edged down for a second day on Tuesday, as cautious investors booked profits ahead of US President-elect Donald Trump’s first news conference since winning office, to be held on Wednesday.
The euro benefited, bouncing back over $1.06 to its highest levels so far this year, and strengthening to a two-month level of 87.635 pence against the pound.