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      Indian Rupee: Depreciates on increased dollar demand

      MoM Team / Mumbai, Mar 01, 2017 10:45 AM IST

        Indian Rupee: Depreciates on increased dollar demand

        The Indian rupee depreciated against the dollar in early trades on Wednesday, 01 March 2017 on increased demand for the dollar from importers.

        Besides, dollar's strength against some currencies overseas also weighed down the local unit but a higher opening of the domestic equity market on better-than-expected GDP growth in October-December quarter capped the losses.

        The domestic currency opened at Rs 66.79 against the dollar and dipped to a low of 66.8725 so far during the day. In the spot currency market, the Indian unit was last seen trading at 66.85.

        Rupee had gained 2 paise to close at 66.69 in an extremely thin and lethargic trade yesterday owing to stray dollar selling form banks and exporters.

        The domestic benchmark indices hit fresh intraday high in morning trade. At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 226.73 points or 0.8 percent at 28,970.05.

        The Nifty 50 index was currently up 58.55 points or 0.7 percent at 8,938.15. Shares surged as India's GDP in Q3 December 2016 was higher than expected despite factoring in the note ban impact in the Q3 December 2016. The government scrapped high value notes on 8 November 2016.

        Overseas, most Asian shares were trading higher today, 1 March 2017. US stocks closed lower yesterday, 28 February 2017, as investors eagerly awaited a speech from President Donald Trump while parsing through key economic data.

        Meanwhile, the dollar spurted higher in Asian trade on Wednesday as Federal Reserve policy-setters fanned expectations of a rate hike this month, overshadowing a key speech by US President Donald Trump that offered little details on his stimulus.

        The greenback traded at 113.16 yen, up 0.35 percent from late US levels, while the euro dropped 0.1 percent against the dollar to $1.0565. The dollar index, which measures the greenback against a basket of six major peers was last up 0.1 percent at 101.45.

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