Forex

Rupee up 8 paise to 67.87/$

PTI Mumbai | Updated on January 12, 2018

rupee

Extending its winning run for the fifth straight session, the rupee on Tuesday climbed eight paise to hit a one-month high of 67.87 against the US currency on sustained selling of the dollar by exporters and banks ahead of the Union Budget.

Expectations of an economically balanced Budget that sticks to the government’s fiscal consolidation path, which would, in turn, provide the RBI room to cut key rates, along with robust capital inflows propped up the local unit, despite a massive sell-off in equities.

Extreme dollar volatility in overseas markets in the midst of President Donald Trump’s protectionist policies also supported the trading sentiment.

Published on January 31, 2017

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