Rupee hits over 1-mth high, ends up 10 paise

Rupee hits over 1-mth high, ends up 10 paise

 The rupee on Wednesday rose to its highest levels in over a month and closed 10 paise up at 61.75 against the dollar following sustained selling of the American currency by exporters and some banks, amid firm local equities.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced weak at 61.90 a dollar from previous close of 61.85. It eased to a low of 61.92 in early trades.
However, helped by positive cues, the rupee later rebounded to a over one-month intra-day high of 61.6650, before concluding at 61.75 -- a rise of ten paise or 0.16 per cent. Yesterday, it has gained 19 paise or 0.31 per cent.

The benchmark S&P BSE Sensex on Wednesday rallied 67.13 points, or 0.32 per cent, while FIIs purchased shares worth $31.23 million on Tuesday, as per Sebi data.
The dollar index was up 0.1 per cent against a basket of six major global rivals.

The US will be releasing its service PMI and ADP Nonfarm employment data today, which will be very significant for the markets, said Abhishek Goenka, Founder & CEO, India Forex Advisors.

Meanwhile, forward dollar premium ended slightly weak on sustained receipts by exporters.

The benchmark six-month premium payable in August closed a tad lower at 256-257.5 paise from 256.5-257.5 paise previously.

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