Rupee gains 8 paise against US dollar in early trade

By: |
June 1, 2017 10:29 AM

The rupee firmed up by another 8 paise to 64.43 against the US dollar today on increased selling of the American currency by exporters and banks even as India's economic growth slowed to 7.1 per cent in 2016-17.

India’s economic growth slowed to 7.1 per cent in 2016- 17, the year in which 87 per cent of the currency was demonetised.

The rupee firmed up by another 8 paise to 64.43 against the US dollar today on increased selling of the American currency by exporters and banks even as India’s economic growth slowed to 7.1 per cent in 2016-17. India’s economic growth slowed to 7.1 per cent in 2016- 17, the year in which 87 per cent of the currency was demonetised, despite a very good showing by the agricultural sector.

The Gross Domestic Product (GDP) was 6.1 per in the January-March quarter, the immediate three months after the demonetisation was affected on November 9, 2016. Forex dealers said that besides sustained selling of the greenback by banks and exporters, the dollar’s weakness against some currencies overseas backed up the rupee.

Yesterday, the local currency had recovered by 15 paise to close at 64.51 on fresh selling of the American currency by banks and exporters. Meanwhile, the benchmark BSE Sensex was down 75.33 points, or 0.24 per cent, at 31,070.47 in early trade.

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