MUMBAI: Indian rupee strengthened against dollar in early deals on Tuesday, on fresh selling of the American currency by exporters. Moreover, surge in the greenback as expectation with respect to hike in short-term borrowing rates by the US Federal Reserve in December dented the demand for the domestic currency i.e. Rupee.
Snapping its 7 day losing streak, the rupee appreciated by 4 paise to 66.40 against the U.S. dollar on Tuesday morning, tracking gains seen in other Asian currencies. Local currency declined 2 paise or 0.03 percent against dollar to settle at 65.76. The currency touched a high and low of 66.45 and 66.3250 respectively. Its 52-week range was 61.30-66.89.
Indian markets fell on Monday after Prime Minister Narendra Modi’s heavy defeat in Bihar’s state elections raised concerns the government would struggle to pass policy reforms, while stronger-than-expected U.S.jobs data also weighed.
