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Tag: Rupee Shines

Weakening of American Dollar Strengthens Indian Rupee

[Mumbai]Weakening of American Dollar Strengthens Indian Rupee
Rupee recovered 8 paise against US dollar in early trade.
As per Market Experts ,Fresh selling of the US currency by exporters and banks as well as weakening of dollar against other currencies overseas supported the Indian currency
The rupee recovered by 8 paise to 66.74 against the dollar at the Interbank Foreign Exchange in early trade today, snapping its three-day losing streak on fresh selling of the US currency by banks and exporters.
.Recovery in domestic stock markets also helped rupee strengthen against the dollar
The rupee had plunged by 36 paise to settle at two-year low of 66.82 against the American currency yesterday on persistent dollar demand from banks and importers due to sustained foreign capital outflows.
Meanwhile, the benchmark BSE Sensex today regained the 25,000-mark by rebounding 118.37 points or 0.47 per cent to trade at 25,012.18 in opening trade.