Rupee gains 5 paise against dollar

The rupee on Thursday gained five paise to close at 61.17 against the dollar on fresh selling of the US currency by exporters, snapping the two-day losing trend.

Signs of sustained capital inflows aided the rupee recovery but weak equities capped the rise to some extent, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at 61.01 a dollar from previous close of 61.22 and improved further to a high of 60.90.In the previous two days, it had lost 37 paise.

“IIP and CPI data were encouraging, leading to gains...but gains were short lived as negative stock markets and dollar demand made the rupee depreciate. Today’s (Thursday) US retail sales and unemployment claims data will be the key data for the forex markets,” said Abhishek Goenka, Founder and CEO, India Forex Advisors.

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