Mumbai, India (BBN) – Indian rupee was trading strong at 66.83 on increased selling of the US currency by exporters and banks amid a firm domestic equity market.
Forex dealers said that besides the dollar’s weakness against some currencies overseas, increased selling of the American currency by exporters as well as banks and a firm domestic equity market supported the rupee, reports The Hindu Business Line.
The domestic unit opened strong by 3 paisa at 66.93 at the Interbank Foreign Exchange market today.
It hovered in a range of 66.94 and 66.80 before quoting at 66.83, up 13 paisa at 2.10 pm local time.
Yesterday, the rupee had ended 4 paisa down at 66.96 against the US dollar on fresh demand for the American currency from banks and importers.
The Sensex reclaimed the 29,000-mark at mid-session today on sustained buying by domestic institutions, robust foreign fund inflows and short-covering by investors ahead of February series F&O expiry later today.
In the overseas market, the dollar drifted on Thursday as impact from the Federal Reserve's policy meeting minutes and supportive comments from a top US official faded, while the Australian dollar slipped in the wake of downbeat economic data.
The greenback was little changed at 113.300 yen.
BBN/SK/AD