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      Indian Rupee: Recovers against dollar in early trades on increased dollar sales

      MoM Team / Mumbai, May 02, 2017 10:37 AM IST

        Indian Rupee: Recovers against dollar in early trades on increased dollar sales

        The Indian rupee recovered against the dollar in early trades on Tuesday, 02 May 2017 on increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.

        Weakness in the dollar against other currencies overseas supported the rupee. Further, a higher opening in the domestic equity market gave the uptrend some momentum.

        The domestic currency opened at Rs 64.12 against the dollar and climbed to a high of 63.9975 before easing back to a low of 64.1650 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.1475.

        On Friday, the domestic unit ended lower by 8 paise at 64.24 a dollar on sustained month-end demand for the US currency from importers and banks. Forex market remained closed yesterday on account of "Maharashtra Day".

        Domestic benchmark indices edged in early trade tracking positive sentiment on Asian bourses. At 9:19 IST, the barometer index, the S&P BSE Sensex was up 83.54 points or 0.28 percent at 30,001.94. The Nifty 50 index was up 24.80 points or 0.27 percent at 9,328.85.

        Overseas, Asian stocks edged higher amid resumption of trading at major stock exchanges after being shut for a public holiday on Monday, 1 May 2017. US stocks closed slightly higher on Monday, 1 May 2017, shaking off comments from President Donald Trump about breaking up the big banks.

        Overnight, the dollar traded higher against a basket of major currencies on Monday, despite the release of downbeat economic data while bullish comments from US Treasury Secretary Steven Mnuchin had little impact on the greenback. The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, eased 0.06 percent to 98.92.


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      Source: Capital Market



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