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Rupee Strengthens Below 64/Dollar: 5 Things To Know

The rupee had closed at 64.10/dollar on Wednesday.

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Rupee Strengthens Below 64/Dollar: 5 Things To Know

The rupee is up over 5 per cent against the US dollar so far this year.


The rupee clawed back to 63 levels against the US dollar today, hitting 63.99/dollar at its highest level of the day. The rupee had closed at 64.10/dollar on Wednesday, after hitting a three-week low of  64.26 against the US dollar. Despite the recent weakness, the rupee has surged over 5 per cent per cent against the US dollar this year, boosted by strong inflows into the domestic capital markets. In the domestic stock markets, the Sensex and Nifty had given up most of their early gains and were trading marginally higher in afternoon trade. 

Here are 5 things to know about rupee trade today

1) Traders said that dollar selling by banks and exporters and foreign fund inflows boosted the rupee in today's trade. 

2) The dollar's slide against some currencies overseas also supported the rupee, dealers said.

3) Foreign portfolio investors turned net buyers in domestic equity and debt markets on Wednesday after two days of selling which supported the rupee, they said.  They invested Rs 272.03 crore on net basis yesterday, provisional data showed.

4) Despite the recent weakness, the rupee has surged over 5 per cent per cent against the US dollar this year, boosted by strong inflows into the domestic capital markets.

5) One of the major global event to be watched today is the outcome of ECB meeting. If the ECB delivers any unexpected message during the conference. The euro stood firm ahead of the outcome of the ECB gathering, where President Mario Draghi is expected to start laying the groundwork to withdraw monetary stimulus. 
 


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