Money & Banking

Rupee strengthens against dollar

PTI Mumbai | Updated on February 25, 2011

The rupee was up by 16 paise to 45.32 against the US dollar in the early trade today on fresh dollar-selling by exporters and corporates amid firm domestic equity markets and the dollar’s weakness overseas.

The domestic unit opened higher at 45.40/41 per dollar at the Interbank Foreign Exchange market against the previous closing level of 45.48/49 per dollar. It subsequently rose further to 45.32.

At 10.30 a.m., the rupee was quoting at 45.36/37. The rupee moved in a range between 45.32 and 45.42 per dollar in the morning deals.

Fresh dollar-selling by exporters and some banks and a better opening in the stock market kept the rupee sentiment firm, a forex dealer said.

The US dollar fell to a record low against the Swiss franc and lost ground against both the Japanese yen and the euro on Thursday as currency traders turned to traditionally safer investments other than the US dollar in response to soaring oil prices.

Published on February 25, 2011

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