Indian rupee strengthens by 13 paise to end at 67.06 against US dollar

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Updated: August 24, 2016 10:00:10 AM

Indian rupee appreciated by 13 paise to close at 67.06 against the US dollar at forex markets on Tuesday as exporters and banks took to fresh selling of the American currency. The local currency closed at 67.19 level on Monday.

Indian rupee vs US dollarIndian rupee appreciated by 13 paise to close at 67.06 against the US dollar at forex markets on Tuesday as exporters and banks took to fresh selling of the American currency. The local currency closed at 67.19 level on Monday. (Photo: Reuters)

Indian rupee appreciated by 13 paise to close at 67.06 against the US dollar at forex markets on Tuesday as exporters and banks took to fresh selling of the American currency. The local currency closed at 67.19 level on Monday. However, domestic equity markets that opened flat and ended with marginal gains restricted local currency’s gains. Sensex settled with gains of 4.67 points at 27,990.21, while Nifty ended 3.45 points up at 8,632.60.

“Indian rupee closed higher on the back of recovery in Asian and emerging market currencies against USD and inflows in domestic equity markets. August is turning out to be one of the lowest volatile months in decade. Seasonality favours volatility to pick from September onwards. Near term range to be 66:80-67:40, ” Anindya Banerjee, currency analyst, Kotak Securities said.

Dollar weakness against other emerging market currencies overseas also supported the rupee. On the global front, the dollar dipped against the yen on Tuesday, while the New Zealand dollar rose after the nation’s central bank chief said he did not see the need for a rapid succession of interest rate cuts.

The currency touched a high and low of 67.14 and 67.03 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.08 and for Euro stood at 76.03 on August 23, 2016. While the RBI’s reference rate for the Yen stood at 67.03, the reference rate for the Great Britain Pound (GBP) stood at 88.28.

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