Money & Banking

Rupee strengthens against dollar

| | Updated on: Apr 28, 2011

The rupee moved up by another 16 paise to 44.27 per US dollar in the early trade today on persistent selling of the American currency by banks and corporates in view of the dollar’s weakness in the overseas markets.

At the Interbank Foreign Exchange, the local unit resumed higher at 44.29/30 per dollar against the overnight closing level of 44.43/44 per dollar and firmed up further to 44.27. At 10.30 a.m., the rupee was quoting at 44.28/29.

It hovered in a range between 44.27 and 44.35 per dollar in the morning deals.

According to a forex dealer, sustained selling of dollars by banks and corporates on the back of a fall in the US dollar value in the overseas markets mainly boosted the rupee value.

The US dollar fell more against the euro in the New York market on Wednesday after the Federal Reserve Chairman, Mr Ben Bernanke, said in a press conference that he doesn’t know when the central bank will tighten its monetary policy.

Published on April 28, 2011

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