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      Indian Rupee: Firms up due to dollar weakness overseas

      MoM Team / Mumbai, Mar 31, 2017 10:48 AM IST

        Indian Rupee: Firms up due to dollar weakness overseas

        The Indian rupee commenced flat in early trades on Friday, 31 March 2017 and strengthened thereafter against the US dollar on increased selling of the American currency amid continued foreign inflows.

        Besides the increased selling activity of the greenback by banks and exporters, dollar's weakness against other currencies overseas led to the rupee's climb. However, a lower opening in the domestic equity markets capped the rupee's gain.

        The domestic currency opened at Rs 64.92 against the dollar and jumped to a high of 64.79 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.8225. The local currency had closed with a mere loss of 1 paisa at 64.92 yesterday.

        Domestic benchmark indices declined after briefly entering positive terrain in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 40.60 points or 0.14 percent at 29,606.82. The Nifty 50 index was currently down 6.75 points or 0.07 percent at 9,167.

        Overseas, Asian shares were mixed and the dollar extended its overnight gains today, 31 March 2017, on signs of strong US economic growth. US stocks closed higher yesterday, 30 March 2017, as financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.

        Meanwhile, the US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, eased 0.10 percent to 100.35.

        Overnight, the dollar rose against a basket of major currencies, after a flurry of bullish comments from Federal Reserve officials offset news that the Trump administration is studying ways to penalize currency manipulators.

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