Mumbai, India (BBN) – The Indian rupee was trading strong at 67.85 on increased selling of the US currency by banks and exporters.
Forex dealers said the dollar’s weakness against other currencies overseas supported the Indian rupee but a weak domestic equity market capped the gains, reports The Hindu Business Line.
Rising for the fifth straight day, the rupee advanced by another 11 paisa to 67.84 against the dollar in early trade at the Interbank Foreign Exchange market today.
It hovered in a range of 67.88 and 67.79 before quoting at 67.85, up 10 paisa at 4:40pm local time.
Yesterday, the Indian,rupee had appreciated by 8 paisa to hit its two-week high of 67.95 on sustained unwinding of American currency by exporters and banks.
Meanwhile, the 30-share BSE index Sensex ended lower by 193.60 points or 0.7 per cent at 27,655.96.
In the overseas market, the dollar wobbled early on Tuesday after tumbling overnight against the yen, which benefited from its safe-haven status as US President Donald Trump’s tough stance on immigration rattled investors and curbed the risk appetite.
The dollar was down 0.1 per cent at 113.670 yen after dropping more than 1 per cent overnight, when it was knocked off its perch above 115.000.