Indian rupee opens 10 paise higher at 66.79 against dollar

By: |
New Delhi | Updated: Oct 18, 2016 9:53 AM

Indian rupee opened 10 paise higher at 66.79 against the US dollar on Tuesday on account of selling of American currency by banks and exporters.

Indian rupee, US dollarIndian rupee opened 10 paise higher at 66.79 against the US dollar on Tuesday on account of selling of American currency by banks and exporters. (Reuters)

Indian rupee opened 10 paise higher at 66.79 against the US dollar on Tuesday on account of selling of American currency by banks and exporters. At 9.34 am, the local currency was trading 11 paise up at 66.78 against dollar. According to experts, weakness in the dollar against other currencies overseas on unexpected fall in a US manufacturing index made the rupee stronger.

Meanwhile, domestic equity markets opened on a firm note following global cues and some short coverings. Benchmark BSE Sensex was trading over 200 points higher at 27739 in the early trade, while NSE Nifty was up nearly 60 points at 8,579.

On Monday, rupee closed lower by 17 paise at 66.88 due to increased dollar demand from importers and corporates. According to market experts, extremely bullish dollar sentiment overseas backed by an expectation of rate hike by the US Fed alongside an adverse spillover effect of USD 22.4 billion possible outflow in the wake of ongoing FCNR-B redemption largely added pressure on the local currency on Monday.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Stocks in focus: RIL, Bharti Airtel, Future Retail, SBI, HDFC Bank, Tata Motors, NTPC, Coforge
2Analyst corner: Maintain ‘reduce’ on ICICI Lombard with TP at Rs 1,065
3SGX Nifty hints at positive start for Sensex, Nifty; 5 factors that could define stock market movement