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Rupee continues to rally, hits 32-month high against US dollar

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Published: January 5, 2018 11:23:55 AM

The Indian rupee continued the appreciation and hit a 32-month high against US dollar on Friday after hitting a fresh 2-1/2 year high in yesterday's trade.

The rupee had been on a rising streak from mid-November 2017 since then it had appreciated by over 200 paise from a level of 65.42 against the US dollar. (Image: Reuters)

The Indian rupee continued the appreciation and hit a 32-month high against US dollar on Friday after hitting a fresh 2-1/2 year high in yesterday’s trade. The rupee opened 5 paise higher and very quickly extended gains to hit a 32-month high of 63.31 rising by 10 paise against the US dollar at the interbank foreign exchange market on Friday. The domestic currency had been broadly rising since mid-November 2017. The rupee is rising in line with some of its Asian peers as today only Asian currencies rallied on Friday as investors globally continued to show strong appetites for risk while the US dollar fell against a basket of currencies, failing to capitalise on better than expected jobs data from the United States. On Thursday, the rupee strengthened further, ending at a fresh 2-1/2 year high against the US dollar, advancing as much as 13 paise to finish at a fresh 2-1/2 year high of 63.41 a piece US dollar.

The rupee had been on a rising streak from mid-November 2017 since then it had appreciated by over 200 paise from a level of 65.42 against the US dollar. The Reserve Bank of India fixed the reference rate of the rupee at 63.3914 against the US dollar on Thursday. On Wednesday this week, the rupee snapped its 4-day rising streak which led the domestic currency at 2-1/2 year high. The rupee lost 5 paise to conclude at 63.53 against the US dollar on Wednesday. With today’s appreciation in the rupee, the Indian currency had strengthened by about 84 paise in last 7-day period against the US dollar.

Meanwhile, Sensex and Nifty opened higher on Friday as most of the Asian shares ticked up to record highs in the early trade following the lifetime high closing on Wall Street overnight. The Dow Jones Industrial Average breached the psychological 25,000 mark for the first time. BSE Sensex gained 51.63 points to begin at 34,021.27 and NSE Nifty added 29.45 points to open at 10,534.25. Shares of Birla group telecom company Idea Cellular extended the gains on the back of fundraising plans. Within minutes of opening up, the benchmark indices Sensex and Nifty moved ahead in quick successions nearing their respective record highs. Sensex jumped 205.57 points to the record high of 34,175.21 and NSE Nifty added 58 points to mark a high of 10,562.8 for the first time.

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