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The rupee strengthened by 17 paise to 68.62, extending its rebound for a second straight day, against the US dollar on increased selling of the greenback by exporters and banks amid a strong domestic equity market.
Forex dealers said besides increased selling of the American currency by exporters as well as banks, a strong domestic equity market also supported the rupee. Dollar’s weakness against some currencies overseas as the country’s new home sales data came out disappointing supported the rupee.
The domestic unit opened a tad weak at 68.80 at the interbank forex market today. It hovered in a range of 68.80 and 68.62 before quoting at 68.65, up 14 paise at 5 pm local time.
Yesterday, the local currency had rebounded by 15 paise to end at a fresh one-week high of 68.79 against the greenback on bouts of dollar selling by exporters and corporates. Meanwhile, the benchmark BSE Sensex ended higher by 126.41 points or 0.34 per cent at 36,984.64.
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