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      Indian Rupee: Edges lower as dollar strengthens overseas

      MoM Team / Mumbai, May 04, 2017 10:41 AM IST

        Indian Rupee: Edges lower as dollar strengthens overseas

        The Indian rupee reversed gains to edge slightly lower against the dollar in early trades on Thursday, 04 May 2017 on increased demand for the American currency from importers.

        Besides, a strengthening dollar against other currencies overseas also put pressure on the domestic unit. With the US Federal Reserve signalling it was on track to gradually lift rates, the dollar sentiment got a boost. However, a higher opening in the domestic equity market restricted the rupee's losses.

        The domestic currency opened at Rs 64.22 against the dollar and registered an intraday high and low of 64.19 and 64.24 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.22.

        Yesterday, the rupee had gained 6 paise to close at 64.15 against the US currency on sustained dollar unwinding by exporters and banks, extending its gains for a second session.

        Domestic benchmark indices edged higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex was up 147.48 points or 0.49 percent at 30,042.28. The Nifty 50 index advanced 30.45 points or 0.33 percent at 9,342.40. The Sensex crossed the psychological 30,000 level. It had closed below that level during the previous trading session.

        Overseas, Asian stocks witnessed a mixed trend after the US Federal Reserve indicated it remains on track to deliver two more rate increases by year-end. US stocks closed little lower yesterday, 3 May 2017, as gains in banking shares were offset by declines in media stocks and Apple shares.

        The US dollar index, which measures the greenback against a basket of currencies, eased 0.04 percent to 99.22. Overnight, the Federal Reserve kept its benchmark rate unchanged at 0.75-1 percent on Wednesday.

        The Federal Reserve struck a familiar tone in its statement concerning interest rates, pointing out that interest rate increases will be gradual in 2017, and highlighted that growth in economic activity had slowed in the first quarter while household spending rose "only modestly".


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