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Rupee strengthens by 42 paise against dollar

Rupee strengthens by 42 paise against dollar

The rupee closed higher on fresh selling of the American currency by exporters and banks amid strong equities. The local unit had hit a high of 67.38 and a low of 67.65.

The Indian rupee closed higher on fresh selling of the American currency by exporters and banks amid strong equities. Dollar’s weakness against other currencies overseas also supported the rupee. The rupee opened higher on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

In international markets, the greenback extended the northward journey against the basket of currencies, with Euro falling to 10 week low and Yen breaching the 110 level. German ZEW survey for May fell to 6.4, a sharp fall when compared with the reading of 11.2 during April. The broader parameter Eurozone ZEW sentiment index tumbled to 16.8 from 21.5 during April.

In US, Commerce Department reported that new home sales during April surged 16.6% to a seasonally adjusted rate of 619,000 units, an eight year high.

On Wednesday, the Indian currency ended higher by 42 paise at 67.33/$. The local unit had hit a high of 67.38 and a low of 67.65. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.44 and for Euro stood at 75.20. The RBI’s reference rate for the Yen stood at 61.32; reference rate for the Great Britain Pound (GBP) stood at 98.5599.

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