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      Indian Rupee: Slips lower due to strong dollar overseas

      MoM Team / Mumbai, Apr 20, 2017 10:50 AM IST

        Indian Rupee: Slips lower due to strong dollar overseas

        The Indian rupee dropped lower against the dollar in early trades on Thursday, 20 April 2017 due to appreciation of the US currency overseas. Increased demand for the dollar from importers also put pressure on the rupee. However, a higher opening of the domestic equity market capped the fall.

        The domestic currency opened at Rs 64.6850 against the dollar and fell further to a low of 64.72 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.64.

        Yesterday, the rupee had gained 5 paise to close at 64.58 a dollar on fresh selling of the American currency by banks and exporters

        Domestic bourses edged higher in early trade on positive lead from Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 60.19 points or 0.21 percent at 29,396.76. The Nifty 50 index was up 20 points or 0.22 percent at 9,123.50.

        Overseas, Most Asian stock markets were trading higher as better-than-forecast trade figures in Japan and a recovery in crude oil prices lifted sentiment.

        Meanwhile, the dollar caught its breath in Asian trading on Thursday, holding above lows hit earlier this week as investors anxiously awaited this weekend's first round of presidential voting in France.

        The dollar index, which tracks the U.S. currency against a basket of six major rivals, edged up 0.1 percent to 99.781 (DXY), moving away from a three-week low of 99.465 plumbed on Tuesday.

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