Rupee ends 29 paise up at 64.83 against US dollar

The rupee strengthened by 34 paise to 64.78 against the dollar in early trade on Friday, snapping its two-day falling streak on fresh selling of the US currency by exporters and banks.

Snapping its 2-day losing streak, the rupee gained 29 paise at 64.83 against the US dollar on fresh selling of the American currency by banks and exporters in view of recovery in equity markets.

The domestic unit opened sharply higher at 64.80 as against Wednesday’s closing level of 65.12 at the Interbank Foreign Exchange (forex) market.

Forex market was closed on Thursday for ‘Dussehra’.

During the day, the rupee hovered in the range of 64.95 and 64.77 before settling at 64.83, showing a gain of 29 paise or 0.45%.

The local currency had dropped 32 paise, or 0.49%, in previous two trading days.

The dollar index was traded higher by 0.09% against a basket of six currencies in late afternoon trade.

Globally, the euro fell to its lowest level in two months on Thursday after European Central Bank President Mario Draghi all but promised the central bank would expand its programme of quantitative easing at its December meeting.

Meanwhile, the benchmark BSE Sensex ended higher by 183.15 points, or 0.67%, at 27,470.81.