Indian Rupee Trades 3 Paise Higher Against US Dollar


On Monday the Indian Rupee marginally got strengthened against the US dollar by opening 3 paise higher at 66.95 against the US dollar at the Interbank Foreign Exchange (forex) market.

To check transaction, the Income Tax Department stepped up its vigilance against undeclared income

The Indian Rupee opened at 66.95 per dollar at 9.10 am, trading at 66.94 per dollar, it had closed at 66.98 per dollar on Friday.

Pramit Brahmbhatt of Veracity stated, “A weak dollar versus peers and positive cues from global equity market will help the rupee appreciate today. The trading range for the day is seen between 66.80-67/dollar.”
The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.88, for Euro stood at 75.15, for the Yen stood at 65.52 and the reference rate for the Great Britain Pound (GBP) stood at 88.4694.

Asian currencies were trading higher. The Taiwan dollar was up by 0.39%, Thai baht by 0.3%, Singapore dollar by 00.26%, Japanese yen by 0.21%, South Korean won 0.19%, China renminbi 0.1% and Indonesian rupiah by 0.06%. However, the China offshore and Malaysian ringgit were down by 0.15% and 0.1% respectively.

At 9.43 am the sensex was trading 11.99 points up 28,611.02, while NSE Nifty was trading 15.90 points up at 8,795.75. The country’s forex reserves had risen by $989.5 million to $367.766 billion in the previous week.

As the US inflation data raised bets on Federal Reserve interest rate hikes, while uncertainty ahead of a Bank of Japan meeting limited the dollar’s gains against the yen, the US dollar hits a more than two-week high against a basket of major currencies on Friday.

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