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Rupee gains 15 paise against dollar

Rupee gains 15 paise against dollar

Tue Mar 13 2018


The rupee gained 15 paise to end at 64.89 against the US dollar on Tuesday on better-than-expected inflation numbers and mild selling of the greenback by exporters amid sustained foreign capital inflows. However, the dollar gains against most major global currencies overseas limited the gains for the domestic unit.


The local currency opened at 64.95 and traded between 65 and 64.84 in intra-day trade.


A 7.5 per cent growth in industrial output in January and selling of the American currency by exporters supported the rupee, forex dealers said.


Yesterday, the rupee ended higher by 13 paise to close at 65.04 against the US currency on the back of foreign fund inflows after sharp gains in equity markets and weakness in the dollar against global currencies.


Overseas markets


Reuters London reports: The dollar jumped against the yen on Tuesday, nearing a two-week high as the Japanese currency was pressured by a political scandal engulfing Prime Minister Shinzo Abe's govermment. The yen weakened by 0.3-0.5 per cent against other major currencies after Japan's ministry of finance said on Monday it altered documents related to a discounted sale of state-owned land to a school operator with ties to Abe's wife.


The dollar is also benefiting from the decline in broader currency market volatility which is encouraging investors to add positions in higher-yielding currencies, though the greenback's gains were capped before monthly US inflation data.


The dollar was trading at 106.95 against the yen, up 0.5 per cent and just below a two-week high of 107.05.



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