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  Business   Market  27 Jul 2017  Rupee up 21 paise against US dollar in early trade

Rupee up 21 paise against US dollar in early trade

PTI
Published : Jul 27, 2017, 10:04 am IST
Updated : Jul 27, 2017, 10:04 am IST

Rupee is trading at 64.16 against the US currency in early trade at the Interbank Foreign Exchange.

 A higher opening in the domestic equity market with key indices hitting soaring to new highs, influenced the rupee uptrend.
  A higher opening in the domestic equity market with key indices hitting soaring to new highs, influenced the rupee uptrend.

Mumbai: The rupee surged by 21 paise to 64.16 against the US currency in early trade at the Interbank Foreign Exchange today as the dollar weakened globally after the US Federal Reserve kept policy rates unchanged.

Increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.

 

The dollar weakened against world currencies overseas after the Federal Reserve policy statement highlighted a tepid inflation outlook fuelling speculation that it is unlikely to hike rates in September.

Hardening of interest rates in the US leads to flight of foreign capital from emerging markets due to better yields.

Further, a higher opening in the domestic equity market with key indices hitting soaring to new highs, influenced the rupee uptrend, they added.

On july 26, the rupee had ended marginally higher at 64.37 in a cautious trade on a day domestic equity markets scripted history.

Meanwhile, the benchmark BSE Sensex rose further by 150.88 points, or 0.46 per cent to trade at new high of 32,533.34 in opening trade.

 

Tags: rupee, dollar, interbank foreign exchange, federal reserve
Location: India, Maharashtra, Mumbai (Bombay)