The Indian rupee bounced back against the dollar in early trades on Friday, 10 March 2017 on increased selling of the US currency by exporters and banks amidst higher opening in the domestic equity market. Weakness of the dollar against other currencies overseas also supported the rupee.
The domestic currency opened at Rs 66.70 against the dollar and climbed further to a high of 66.6675 so far during the day. In the spot currency market, the Indian unit was last seen trading at 66.68.
Yesterday, the rupee closed flat at 66.71 against the dollar as cautious traders avoided taking any position ahead of the exit polls outcome and concerns over an impending Fed rate hike next week.
Domestic benchmark indices hovered in positive terrain after trimming opening gains triggered by results of various exit polls released yesterday, 9 March 2017, showing that ruling party at the Centre, BJP doing well in Uttar Pradesh, Uttarakhand, Goa and even Manipur assembly elections.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 84.26 points or 0.29 percent at 29,013.39. The Nifty 50 index was up 24.25 points or 0.27 percent at 8,951.25. The Sensex was trading above the psychological 29,000 mark after regaining that mark in early trade.
Overseas, Asian stocks were mixed. A late rebound in energy shares helped US stocks end a choppy session a tad higher yesterday, 9 March 2017, ahead of the US monthly jobs report on Friday, 10 March 2017.
Helping the market early in the day was a report that showed the number of Americans applying for unemployment benefits rose to 243,000 last week, but remained below 300,000 for the 105th week.
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