Comments
The rupee was trading a tad weak at 64.17 against the US dollar in the mid-session deals on increased demand for the American currency from importers.
Besides, the dollar's strength against other currencies overseas also put pressure on the domestic unit. With the US Federal Reserve signalling it was on track to gradually lift rates, the dollar sentiment got a boost, forex dealers said.
They said, however, a strong domestic equity market restricted the rupee’s losses.
The domestic unit opened weak by 7 paise at 64.22 at the Interbank Foreign Exchange market today. It hovered in a range of 64.24 and 64.17 before quoting at 64.17, down 2 paise at 3.10 pm local time.
Yesterday, the rupee had gained 6 paise to close at 64.15 against the US currency on sustained dollar unwinding by exporters and banks, extending its gains for a second session.
Meanwhile, the benchmark BSE Sensex was trading higher by 237.96 points or 0.8 per cent at 30,132.76.
The dollar surged against a number of major currencies on Thursday after the US Federal Reserve played down any threats to this year's planned hikes in interest rates, solidifying expectations of another move in June.
After the greenback rose across the board after the Fed's decision on Wednesday, the dollar index was up another 0.2 per cent on the day on Thursday, hitting a two-week high of 99.462.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.