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      Indian Rupee: Strengthens amid dollar weakness

      MoM Team / Mumbai, Mar 07, 2017 10:52 AM IST

        Indian Rupee: Strengthens amid dollar weakness

        The Indian rupee appreciated in early trades on Tuesday, 07 March 2017 amid sustained selling of the American currency by exporters and banks.

        Weakness in the dollar against other currencies overseas, robust foreign fund inflows and a higher opening in the domestic equity market supported the rupee.

        The domestic currency opened at Rs 66.6750 and climbed to a high of 66.59 so far during the day. In the spot currency market, the Indian unit is off its intra-day high levels and was last seen trading at 66.64.

        Yesterday, the rupee had gained 10 paise against the US dollar to end at 66.71 on fresh selling of the American currency by corporates and banks.

        Domestic benchmark indices hovered in a narrow range around the flat line in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was down 36.04 points or 0.12 percent at 29,012.15.

        The Nifty 50 index was down 13.70 points or 0.15 percent at 8,949.75. Overseas, Asian stocks witnessed a mixed trend amid weak closing on the Wall Street overnight. US stocks registered modest losses on Monday, 6 March 2017, as the chances of tighter monetary policy from the Federal Reserve sunk in for investors, while geopolitical concerns increased.

        Meanwhile, the dollar steadied on Tuesday as investors widely expect the Federal Reserve to raise interest rates next week and are waiting for signals on the likely pace of hikes, including this week's US jobs data.

        The dollar index, which measures the greenback against a basket of six major peers, last traded at 101.65 (DXY), ticking up from a one-week low of 101.22 on Monday.

        A Fed policy decision is due at the end of a March 14-15 meeting. Fed Chair Janet Yellen said on Friday raising interest rates this month would be appropriate, if jobs and inflation data hold up.


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      Source: Capital Market



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