Rupee strengthens further by 12 paise

Rupee strengthens further by 12 paise

The rupee continued its upward march against the American currency for the seventh day Wednesday, by surging another 12 paise to close at 66.21 per dollar on sustained selling of dollars by banks and exporters on good foreign capital inflows.

The rupee resumed higher at 66.26 as against Tuesday’s closing level of 66.33 at the Inter-bank Foreign Exchange (forex) market.

It moved in a range of 66.12 and 66.30 during the day before finishing at 66.21 per dollar, showing a gain of 12 paise or 0.18 per cent.

It has gained by 88 paise or 1.31 per cent in seven days.

The dollar index was up 0.08 per cent against a basket of six currencies in the the late afternoon trade.

Overseas, the dollar edged down in Asian early trading after data overnight painted a mixed picture of the US economy, with major currency pairs trading in a narrow range as traders wound down in a holiday-heavy week.

However, the dollar posted small gains against most other major currencies in the late afternoon trade, with the euro weakening on the back of disappointing French data.

French GDP for the third quarter was revised down, and consumer spending is also looking softer, which has led the euro slightly lower against the dollar, said senior sales trader at London Capital Group.

Meanwhile, the Indian benchmark Sensex rose by 259.65 points or 1.01 per cent on Wednesday.

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