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      Indian Rupee: Edges higher in early trades against dollar

      MoM Team / Mumbai, May 24, 2017 10:56 AM IST

        Indian Rupee: Edges higher in early trades against dollar

        The Indian rupee commenced almost flat against the dollar in early trades but managed to climb higher thereafter on Wednesday, 24 May 2017 on fresh selling of the US currency by banks and exporters.

        A higher opening in domestic equity market also supported the rupee but the dollar's strength against some currencies overseas, capped the rupee's gain.

        The domestic currency opened at Rs 64.89 against the dollar and climbed to a high of 64.7975 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.9250.

        The rupee had slumped by a whopping 34 paise to end at a fresh seven-week low of 64.89 against the American currency in yesterday's trade on the back of frantic dollar demand.

        Domestic benchmark indices were hovering in positive terrain in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 119.53 points or 0.39 percent at 30,484.78. The Nifty 50 index was up 25 point, or 0.27 percent at 9,411.15.

        The Sensex rose 132.71 points, or 0.44 percent at the day's high of 30,497.96 in early trade. The index rose 30.44 points, or 0.10 percent at the day's low of 30,395.69 in early trade. The Nifty rose 29.85 points, or 0.32 percent at the day's high of 9,416 in early trade. The index rose 0.20 points at the day's low of 9,386.35 in early trade.

        Overseas, most Asian shares were trading higher as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting. Investors are awaiting the release of minutes from the Fed from its previous meeting for details on the probability of a rate hike in June.

        Overnight, the dollar bounced off the lows Tuesday, despite the release of mostly downbeat economic data, fuelling concerns that slowing economic growth would deter the Federal Reserve from adopting an aggressive rate hike policy.

        The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, eased 0.03 percent to 97.25.

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