Rupee up 11 paisa at 64.85 on increased dollar selling

Mumbai, India (BBN) – The rupee reverses its early losses and was trading strong at 64.37 on dollar selling by banks and exporters amid firm domestic equities.

The domestic unit opened sharply lower at 64.53 per dollar against the previous closing level of 64.46 per dollar at the interbank forex market. It slid further to 64.57 before quoting at 64.37, up 9 paisa at 4.40 pm local time, reports The Hindu Business Line.

The rupee hovered in a range of 64.53 and 64.28 in the evening trade.

Globally, the US dollar was broadly higher against its major rivals in early Asian trade, reaching a 2-1/2-week peak against the yen, lifted after the US Senate approved a tax overhaul at the weekend.

On Thursday, the rupee had lost 15 paise to close at 64.46 a dollar on growing concerns with regard to fiscal deficit and possible extension of crude oil production curb by OPEC. Forex and money markets were closed on Friday on account of Id-E-Milad.
Meanwhile, the 30-share BSE index Sensex ended higher by 36.78 points or 0.11 per cent at 32,869.72.