Rupee gains against US dollar ahead of RBI policy review
Press Trust of India: Mumbai, Dec 18 2012, 10:28 IST
Snapping a four-day losing streak, the rupee today gained 13 paise to 54.72 against the dollar in early trade at the Interbank Foreign Exchange (Forex) market on selling of the US currency by exporters and banks ahead of the Reserve Bank's mid-quarter monetary policy review meeting.
Besides, a higher opening in the domestic equity market and strengthening of euro against the American currency overseas supported the rupee, forex dealers said.
Meanwhile, the BSE benchmark index Sensex recovered by 74.18 points, or 0.39 per cent, to 19,318.60.
The rupee had lost 37 paise to close at a three-week low of 54.85 against the dollar yesterday due to persistent demand for the American currency amid government lowering economic growth forecast for the current fiscal.
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