Indian Rupee appreciates against the dollar amid Sustained Sales of Dollar

RupeeThe Indian rupee appreciated against the US dollar in early trades on Friday, 26 May 2017 amid continued selling of the American currency by banks and exporters. The dollar’s slow-moving against some currencies overseas, fuelled the foreign fund inflows and a higher opening in the domestic share market, which zoomed to new highs, aided the rupee.

The rupee opened at Rs 64.56 against the USD and jumped to a high of 64.55 before sliding back to a low of 64.64 during the morning hours. In the spot currency market, the Indian rupee was last noticed trading at 64.61. On Thursday the rupee had gained 11 paise against the USD to end at 64.62.

Asian shares were mixed as a fall in crude oil prices spoiled global risk appetite. Globally, the Brent crude oil futures fell overnight as the OPEC extended the production cut, but was unspoken on a long term plan. Meantime, the U.S. dollar index, which determines the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.07 percent to 97.21.