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      Indian Rupee: Edges higher on increased dollar sales

      MoM Team / Mumbai, Apr 24, 2017 10:08 AM IST

        Indian Rupee: Edges higher on increased dollar sales

        The Indian rupee appreciated against the dollar in early trades on Monday, 24 April 2017 on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.

        Besides, the dollar's weakness against some currencies overseas also supported the rupee.

        The domestic currency opened at Rs 64.50 against the dollar and registered an intraday high and low of 64.4875 and 64.54 respectively so far during the day.

        In the spot currency market, the Indian unit was last seen trading at 64.52. On Friday, the rupee had slipped by 5 paise to 64.61 a dollar due to demand uptick for the American currency and persistent capital outflows.

        Domestic benchmark indices were trading higher in early trade on positive cues from Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 108.53 points or 0.37 percent at 29,473.83. The Nifty 50 index was currently up 32.55 points or 0.36 percent at 9,151.95.

        Overseas, most Asian shares rose on improved risk appetite after centrist Emmanuel Macron took the lead in the French presidential election.

        A snap Ipsos survey late on Sunday, 23 April 2017, indicated that the pro-growth centrist Macron would win by 62 percent to 38 percent for Le Pen, who wants to take France out of the euro and clamp down on immigration. The two candidates will now face off in a 7 May 2017 runoff.

        Meanwhile, the US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.05 percent to 99.66.

        In the week ahead, political developments in France ahead of the May 7 second round of the presidential polls will set the tone for the euro ahead of Thursday's European Central Bank meeting and Friday's euro zone inflation data.

        Last week, the dollar slid against the yen and the Swiss franc late Friday as investors moved into safe haven assets ahead of the first round of voting in a tight French presidential election race.


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      Source: Capital Market



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