News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Business » Rupee continues rising trend, gains 16 paise to 67.17/USD

Rupee continues rising trend, gains 16 paise to 67.17/USD

Source: PTI
Last updated on: May 26, 2016 18:45 IST
Get Rediff News in your Inbox:

In cross-currency trades, the rupee firmed up further against the pound sterling

The rupee on Thursday strengthened for the second consecutive session against the dollar by rising 16 paise to 67.17 on sustained selling of the American currency amid a continued rally in domestic equities.

Fresh foreign fund inflows also weighed on the local currency.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly better at 67.32 a dollar from Wednesday's closing value of 67.33.

But, it trimmed initial gains and fell back on some dollar demand from banks and importers to touch an intra-day low of 67.39 during mid-morning deals.

However, overcoming the volatility, the rupee recovered smartly to touch a high of 67.14 on bouts of dollar selling from banks and exporters before ending at 67.17, revealing a good gain of 16 paise, or 0.24 per cent.

After an uninterrupted nine-day slide, the domestic unit rebounded on Wednesday from its 2-1/2 month low with an impressive 42-paise gain - its sharpest single-day jump in over two months.

The renewed strength of dollar in the midst of an imminent Fed rate hike concerns is keeping emerging market currencies volatile, though rupee has shown more resilience as compared to its peers reflecting the fundamental conditions, a forex dollar commented.

Further gains will depend on foreign fund flows into equity markets and dollar movements, he added.

Meanwhile, the RBI fixed the reference rate for the dollar at 67.2855 and euro at 75.2185.

In cross-currency trades, the rupee firmed up further against the pound sterling to settle at 98.79 from 98.85 yesterday and also moved up against the yen to end at 61.06 per 100 yens compared to 61.13.

On the other hand, it weakened against the euro and finished at 75.10 from 75.03 earlier.

Photograph: Reuters

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
Related News: BSE, US
 

Moneywiz Live!