Indian Rupee today rallies over 65-mark as dollar face selling pressure

A Reuters report mentioned that a positive opening for the stock markets also boosted the domestic currency, dealers said.  

Indian Rupee today rallies over 65-mark as dollar face selling pressure
Representational image of Rs 500 denomination currency note. Image Source: IANS
Written By: ZeeBiz WebTeam
Updated: Fri, Mar 09, 2018
12:12 pm
Mumbai, ZeeBiz WebDesk
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Indian Rupee continued its performance near 65-mark for second consecutive day on Friday, against US benchmark dollar index. American unit reportedly faced some selling pressure by exporters and banks.
 
At around 1128 hours, Indian rupee was trading at 65.095 down by 0.004 or 0.01% against US dollar. However, in opening trade, the rupee strengthened by 4 paisa to 65.10 per dollar. 
 
In previous day session, Indian rupee closed at 65.105 per dollar up by 0.35%. 
 
A Reuters report said that a positive opening for the stock markets also boosted the domestic currency.
 
Sensex today was trading at 33,415.77, above 64.20 points or 0.19%, while the Nifty 50 surged by 26.30 points or 0.26% trading at 10,268.95. The benchmark indices opened higher in pre-open trade. The Sensex was trading at 33,476, up 124.46 points, while the broader Nifty50 was ruling at 10,275, up 32.90 points.
 
In global trade, the US dollar had strengthened against the euro after European Central Bank President Mario Draghi signalled that any policy normalisation in the euro zone would be very gradual and President Trump formally announced tariffs on steel and aluminium imports. US trade partners Canada and Mexico will be exempted from the levies for now, leading their currencies to strengthen, added the report. 
 
Moreover, on Thursday, foreign investors made gross purchase of Rs 5,687.26 crore in Indian markets like debt, equity and hybrid, while on the same day made gross selling of Rs 6,491.23 crore. With this, foreign investors removed about Rs 803.97 crore on the day.