Indian rupee gains for 4th day in a row, ends 13 paise up at 66.48 against US dollar

By: | Updated: September 27, 2016 5:54 PM

Indian rupee vs US dollar: The local currency that maintained its upward trend for fourth day in a row also took cues from its Asian counterparts that strengthened as Hillary Clinton was seen outperforming Donald Trump in the first US presidential debate, improving risk sentiments.

Indian rupee vs US dollarIndian rupee vs US dollar: The local currency that maintained its upward trend for fourth day in a row also took cues from its Asian counterparts that strengthened as Hillary Clinton was seen outperforming Donald Trump in the first US presidential debate, improving risk sentiments.

Indian rupee remained firm throughout the day on Tuesday and ended with gains of 13 paise at 66.48 from its previous close of 66.61 on Monday against the dollar at the Interbank Foreign Exchange following selling of American currency by exporters and bankers. The local currency that maintained its upward trend for fourth day in a row also took cues from its Asian counterparts that strengthened as Hillary Clinton was seen outperforming Donald Trump in the first US presidential debate, improving risk sentiments. Indian rupee opened 11 paise up at 66.50 against the dollar on Tuesday.

“Indian rupee appreciated on the back of Inflows in debt. With polls favouring Hillary post Debate Asian currencies rallied. However, RBI intervention at lower levels supported dollar. Near term range of 66:30/40 and 66:70/80,” Anindya Banerjee, currency analyst, Kotak Securities said.

Domestic equity markets opened strong on Tuesday but pared their gains in the lats leg of trading following selling pressure amid weak European cues. Sensex closed at 28,223.70 by falling 70.58 points, while Nifty ended at 8,706.40 by dropping 16.65 points.

The currency touched a high and low of 66.53 and 66.43 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.46 and for Euro stood at 74.73 on September 27, 2016. While the RBI’s reference rate for the Yen stood at 65.84, the reference rate for the Great Britain Pound (GBP) stood at 86.34.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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