Mumbai, India (BBN) – The rupee was trading strong at 68.09 following fresh selling of the US currency by banks and exporters.
Forex dealers said the dollar’s weakness against some currencies overseas and a better trend in the domestic equity market also supported the local currency, reports The Hindu Business Line.
The domestic unit opened a tad up at 68.23 at the Interbank Foreign Exchange market today.
It hovered in a range of 68.23 and 68.05 before quoting at 68.09, up 15 paisa at 4:25pm local time.
The rupee had lost 18 paisa to close at a 4-week low of 68.24 in yesterday’s trade on month-end dollar demand from importers coupled with sustained foreign capital outflows.
Meanwhile, the 30-share BSE index Sensex ended higher by 155.47 points or 0.59 per cent at 26,366.15.
In the overseas market, the dollar sagged against the yen on Thursday, weighed down by US yields slipping to two-week lows and an ebb in risk appetite that favoured the safe-haven Japanese currency.
The dollar was down 0.4 per cent at 116.800 yen, having come down from a high of 117.815 touched overnight.
BBN/MS/ANS