The Hindu file photo
Mumbai, India (BBN) – The Indian rupee wiped of its losses and was trading strong at 64.47 as the dollar fell against the yen in Asian trade, as concerns over tensions with North Korea and Syria weighed on US Treasury yields and offset expectations of US interest rate hikes.
Also, a strong domestic stock market supported the uptrend, reports The Hindu Business Line.
The domestic unit opened weak by 10 paisa at 64.66 at the Interbank Foreign Exchange market today.
It hovered in a range of 64.69 and 64.42 before quoting at 64.47, up 9 paisa at 4.25 pm local time.
Yesterday, the rupee had retreated after a three-session winning run and lost 28 paisa to end at 64.56 against the dollar with simmering geopolitical tensions taking the centre-stage at the global level.
Meanwhile, the 30-share BSE index Sensex ended higher by 212.61 points or 0.72 per cent at 29,788.35 ahead of release of IIP and retail inflation data tomorrow.
The dollar extended earlier losses against the yen, slipping 0.3 per cent to 110.63 Japanese yen, moving further away from its overnight high of 111.57.
It remained solidly in the 110.11-112.19 range in which it has traded since late March.
The dollar index, which gauges the US currency against a basket of six major peers, was slightly down on the day at 101.010.
BBN/SK/AD
