The Indian rupee firmed up in early trades on Thursday, 22 December 2016 on increased selling of the American currency by exporters and banks. Besides, dollar's weakness against some currencies overseas supported the rupee but a lower opening of the domestic equity market, capped the gain.
The domestic currency opened at Rs 67.84 against the dollar and dropped to a low of 67.9025 so far during the day. In the spot market, the Indian currency was last seen trading at 67.90. The rupee had gained 12 paise to close at 67.91 against the US dollar in yesterday's trade on selling of the American currency by banks and exporters.
Decline in Asian stocks dragged key benchmark indices lower in early trade, however, the losses were small. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 92.74 points or 0.35 percent at 26,149.64. The Nifty 50 index was currently down 31.30 points or 0.39 percent at 8,030. Key indices continued their recent drubbing.
Overseas, most Asian stocks suffered modest losses following a slide in US stocks overnight. US stocks closed modestly lower yesterday, 21 December 2016, with the Dow Jones Industrials average and Nasdaq Composite index retreating from all-time highs set a day earlier. The market traded in a relatively tight range amid thinning volumes ahead of the December holidays. In the latest economic data, sales of previously-owned homes rose 0.7 percent in November as lean inventory and higher prices continue to choke the housing market.
Meanwhile, the dollar lost some steam on Thursday, slipping from its 14-year-high against a basket of currencies as investors took profits before a batch of U.S. economic data due later in the day is published. The dollar index (DXY), which measures the greenback against six major rivals, dipped 0.1 percent to 102.96. It has receded from the 103.65 marked on Tuesday, its highest since December 2002.
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Technical comment for the day: Copper