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Indian Rupee extends gains against US dollar, up 8 paise at 63.57

Forex dealer said: Sustained capital outflows and almost stable US dollar overseas restricted the Indian rupee rise.

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DBS report said pay/allowances could rise by 16 per cent following the rollout of the Seventh Pay Commission.(Photo: AP)
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The benchmark BSE Sensex recovered by 32 points or 0.12 per cent in volatile trade, while foreign portfolio investors sold shares worth Rs 73.75 crore yesterday, as per provisional data. (AP)

The rupee was quoting higher by eight paise at 63.57 against the greenback in late morning deals following firm local equities amid sustained dollar selling by exporters.

Sustained capital outflows and almost stable dollar overseas restricted the rupee rise, a forex dealer said.

At the Interbank Foreign Exchange (Forex), the domestic unit commenced strong at 63.50 a dollar from previous close of 63.65 and later moved in a range of 63.46 and 63.58 before being quoted at 63.57 at 1050 hrs, revealing a rise of eight paise or 0.13 per cent.

The benchmark BSE Sensex recovered by 32 points or 0.12 per cent in volatile trade, while foreign portfolio investors sold shares worth Rs 73.75 crore yesterday, as per provisional data.

The dollar index was quoting up by 0.02 per cent against a basket of major currencies after soft US producer prices data.

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