TH:Rupee gains 15 paise against dollar in early trade
Moving in line with equity market, the Indian rupee was up by 15 paise at Rs 44.03 per U.S. dollar in early trade on Monday on fresh selling of the American currency by banks and exporters in spite of dollar firmness in overseas markets.
The rupee resumed higher at Rs 44.05/06 per dollar on the Interbank Foreign Exchange, as against last weekend’s close of Rs 44.18/19 per dollar, and moved up further to Rs 44.03 per dollar before quoting at Rs 44.08/09 per dollar at 10.30 hours (IST).
The domestic currency moved in a range between Rs 44.03 and Rs 44.12 per dollar in morning deals. Banks and exporters preferred to sell dollars on hopes of a resumption of capital inflows into the equity market by foreign funds in view of the recovery in the equity market, a forex dealer said.
The U.S. dollar gained against most major rivals in Asian markets during early trade on Monday after lawmakers struck a deal to raise the country’s debt ceiling and narrow the deficit.
In Washington, President Barack Obama and Senate leaders announced on Sunday night that they had reached an agreement on a framework deal that will cut spending and increase the federal debt ceiling.
