Rupee hits higher at 66.59 against US dollar


Mumbai : The Indian rupee on Thursday strengthened for the sixth consecutive sessions and hit 1-month high against the US dollar, after foreign institutional investors continued to buy equities in local markets. The rupee opened at 66.59 per US dollar and touched a high of 66.58, a level last seen on 12 May. At 9.10am, the home currency was trading at 66.59, up 0.08% from its previous close of 66.65.

Moreover, dollar’s weakness against other currencies overseas on expectations that the US Federal Reserve will keep benchmark interest rates low for longer also supported the rupee at the Interbank Foreign Exchange market, dealers said. They said, however, a lower opening in the domestic equity market, capped the rupee’s gains.

Yesterday, the rupee had firmed up by 12 paise to close at a four-week high of 66.65 on sustained selling of the American currency by banks and exporters amid persistent foreign capital inflows. Meanwhile, the benchmark BSE Sensex fell 90.74 points or 0.33 per cent at 26,929.92 in early trade.