The rupee strengthened further by 29 paise to 63.71 against the American currency in the evening trade on sustained selling of greenback by banks and exporters due to weakness of dollar in the overseas market.
The domestic unit rose above the key 64 level on inflows ahead of disinvestments in key companies. The Union Cabinet had on Wednesday approved the sale of shares in the two state-run companies as part of its plan to raise $11 billion from asset sales this financial year.
The rupee resumed higher at 63.97 per dollar against yesterday’s closing level of 64.00 at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 63.70 and 64.04 before being quoted at 63.71 at 4.25 pm, showing a gain of 29 paise.
Banks and exporters preferred to reduce their dollar position in view of weak dollar in the overseas market. In New York, the US dollar weakened against most of its major rivals yesterday after a slate of weaker-than-expected economic data.
Meanwhile, the benchmark BSE Sensex ended the session down by 45.04 points or 0.17 per cent at 27,206.06.
Source:thehindubusinessline.com
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