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      Indian Rupee: Surges to fresh 21-month high in early trades

      MoM Team / Mumbai, Apr 27, 2017 10:33 AM IST

        Indian Rupee: Surges to fresh 21-month high in early trades

        The Indian rupee strengthened further against the dollar in early trades on Thursday, 27 April 2017 to trade at fresh 21-month high of 63.98 at the Interbank Foreign Exchange amid sustained selling of the greenback by exporters and banks.

        Weakness in the dollar against other currencies overseas, robust foreign fund inflows also supported the rupee but weakness in domestic equities in early trade capped the gains.

        The domestic currency opened at Rs 64.03 against the dollar and climbed to a high of 63.9775 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.1075.

        Yesterday, the rupee had surged by 15 paise to close at a near 21-month high of 64.11, energised by positive global cues. This was the highest closing for the rupee since August 2015.

        Domestic benchmark indices were trading lower in early trade on negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 10.43 points or 0.03 percent at 30,122.92. The Nifty 50 index was currently down 1.40 points or 0.01 percent at 9,350.45.

        Overseas, Asian shares were trading lower following the lower close on Wall Street as investors analysed details of US President Donald Trump's highly-anticipated tax reform plans.

        Meanwhile, the dollar held gains against the yen on Thursday after U.S. President Donald Trump's tax plan offered no fresh surprises, slowing the greenback's rally, while the market awaited the European Central Bank's upcoming monetary policy decision. The dollar index against a basket of major currencies slipped 0.2 percent to 98.844 (DXY) after rising to 99.332 the previous day.owered by Commodity Insights

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