The Indian rupee rebounded against the dollar in early trades on Tuesday, 10 January 2017 on fresh selling of the US currency by exporters and banks. Weakness in the dollar against some other currencies overseas also supported the rupee.
Moreover, a higher opening in the domestic equity market influenced the rupee uptrend.
The domestic currency opened at Rs 68.06 against the dollar and climbed to a high of 67.98 so far during the day. In the spot currency market, the Indian unit was last seen trading at 68.05.
Yesterday, the rupee had tumbled by over 25 paise to close at 68.21 against the US dollar on renewed worries over fall in the country's economic growth coupled with concerns regarding quarterly earnings due from this week.
Domestic key benchmark indices traded with modest gains in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 127.93 points or 0.48 percent at 26,854.48. The Nifty 50 index was up 39 points or 0.47 percent at 8,275.05.
Overseas, Asian stocks were mixed amid lacklustre closing on the Wall Street and sharp slide in oil prices overnight. In mainland China, the Shanghai Composite was down 0.07 percent. In Hong Kong, the Hang Seng was up 0.52 percent.
Meanwhile, the U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, eased 0.26 percent to 101.66. Overnight, the dollar edged lower against a basket of the other major currencies on Monday, while sterling was sharply lower as fears over prospects for a 'hard Brexit' weighed.
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