Rupee strengthens 5 paise against US dollar | business | Hindustan Times
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Rupee strengthens 5 paise against US dollar

business Updated: Apr 04, 2016 19:37 IST

Extending its winning momentum for the sixth straight sessions, the rupee on Monday strengthened by 5 paise to close at 66.21 per dollar on persistent selling of the American currency by banks and exporters amid sustained foreign capital inflows.

Recovery in the equity market also boosted the rupee value against the dollar, a forex dealer said.

The rupee resumed lower at 66.30 against last Thursday’s closing of 66.26 at the Interbank Foreign Exchange (Forex) market and dropped to 66.3775 on initial dollar demand from banks and importers.

It recovered afterwards to 66.10 on selling of dollar by banks and exporters on hopes of more foreign capital inflows before finishing at 66.21, showing a gain of five paise or 0.08%.

It has gained by 50 paise or 0.75% in six trading days.

It hovered in a range of 66.3775 and 66.10 during the day.

The dollar index was up 0.11% against a basket of six currencies in the late afternoon trade.

In overseas market, the dollar was on the defensive early, nursing deep losses against the euro and yen after Friday’s firm US jobs report failed to shift a broadly held view that the Federal Reserve will remain cautious on raising interest rates this year.

Oil prices fell in early trading as the chances of Middle East producers agreeing to curb over-production appeared to fade, while US output remains stubbornly high.