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Rupee gains momentum, up 4 paise against dollar

Rupee vs dollar

Mumbai : The rupee appreciated by another 4 paise to 66.31 against the US dollar in early trade today, extending its winning streak for the sixth day on continued selling of the American currency by banks and exporters.

Forex dealers said that apart from sustained selling of the American currency by banks and exporters and crude falling to multi-year lows, dollar’s weakness against other currencies overseas backed up the rupee at the Inter-bank Foreign Exchange.

They said, however, a lower opening in the domestic equity market capped the gains.

The local currency had gained five paise to close at 66.35 in yesterday’s trade.

Meanwhile, the benchmark BSE Sensex fell 43.64 points, or 0.17 per cent, to 25,692.26 in early trade.

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