1. Rupee recoils from yesterday’s loss, gains 7 paise against US dollar

Rupee recoils from yesterday’s loss, gains 7 paise against US dollar

The Indian rupee recoiled back on Tuesday and gained 7 paise after sliding from a 32-month high in yesterday's trade against the US dollar.

By: | Published: January 9, 2018 11:46 AM
On Friday last week, the Indian rupee hit a 32-month high against US dollar at 63.31 rising by 10 paise against the US dollar. (Image: Reuters)

The Indian rupee recoiled back on Tuesday and gained 7 paise after sliding from a 32-month high in yesterday’s trade against the US dollar. The rupee extended gains in the late morning trade after starting a bit higher at 63.48 against unit US dollar on Tuesday. The domestic currency appreciated 7 paise at 63.43 apiece US dollar at the interbank foreign exchange market on Tuesday. Most of the Asian currencies ticked up a little on Tuesday with minimal gains as a retreat in the euro helped the US dollar strengthen against most of its counterparts. The US dollar rose to a more than one-week high against a basket of other major currencies on Monday, supported by a fall in the euro as investors were cautious after a months-long rally, Reuters said in a report. The Reserve Bank of India fixed the reference rate of the rupee at 63.3482 against the US dollar on Monday.

Earlier on Monday, the rupee reversed the rising trend from a 32-month high falling by 13 paise against the US dollar in the late trade. The rupee made a fresh 32-month high in the morning trades but lost the gains in the last hour session on Monday. The rupee jumped as much as 12 paise in the early trade at 63.25 a piece US dollar on Monday. On Friday last week, the Indian rupee hit a 32-month high against US dollar at 63.31 rising by 10 paise against the US dollar. The rupee had been on a rising streak from mid-November 2017 since then it had appreciated by around 200 paise from a level of 65.42 against the US dollar.

Meanwhile, India’s stock markets started on a positive note on Tuesday with the key equity indices Sensex and Nifty hitting all-new record highs. The 30-share barometer Sensex rose as much as 134.73 points to hit an all-time high of 34,487.52 while the wider share indicator Nifty added 35.55 points to mark the record high of 10,659.15. Within minutes of trading activity, both the key indices fell off from their respective peaks with Nifty 50 index swinging into losses even. NSE Nifty hit a day’s low of 10,607.9 while BSE Sensex marked a day’s low at 34,343.41. The broad market indices of NSE such as Nifty Mid100 Free, Nifty Sml100 Free, Nifty 100, Nifty 200, and Nifty 500 gained up to 0.3% while Nifty Next 50 and Nifty Midcap 50 hovered in red. Among the sectoral indices of NSE, six out of eleven were trading in green with Nifty Realty and Nifty FMCG leading the charge while Nifty IT and Nifty Media shed up to 0.8%.

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