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      Indian Rupee: Recovers slightly on fresh dollar sales

      MoM Team / Mumbai, Dec 29, 2016 10:54 AM IST

        Indian Rupee: Recovers slightly on fresh dollar sales

        The Indian rupee commenced almost flat in early trades against the dollar on Thursday, 29 December 2016 and recovered slightly thereafter following fresh selling of the US currency by banks and exporters.

        Dollar's weakness against some currencies overseas and a better trend in early trade at the domestic equity market supported the local currency.

        The domestic currency opened at Rs 68.23 against the dollar and climbed to a high of 68.11 so far during the day. In the spot currency market, the Indian unit was las seen trading at 68.1175.

        The rupee had lost 18 paise to close at a 4-week low of 68.24 in yesterday's trade on month-end dollar demand from importers coupled with sustained foreign capital outflows.

        Domestic benchmark indices alternately swung between positive and negative zone in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 22.11 points or 0.08 percent to 26,232.79. The Nifty 50 index was currently up 12.35 points or 0.15 percent at 8,047.20.

        Overseas, most Asian stocks were trading lower taking their cue from an overnight slide on Wall Street as the stronger yen helped send Japanese stocks lower. Trading has been thin across the globe during the last week of the year.

        US stocks fell yesterday, 28 December 2016 as shares financials and materials declined. In economic news, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110 in October, data released by National Association of Realtors showed yesterday, 28 December 2016.

        Meanwhile, the dollar index was down 0.15 percent at 103.150 (DXY), but still in reach of a 14-year high of 103.650 struck last week. The index has climbed to that level on expectations that Donald Trump's incoming administration will boost U.S. growth through fiscal stimulus, which could be accompanied by monetary tightening and higher yields.

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      Source: Capital Market

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