The Indian rupee recovered against the dollar in early trades on Wednesday, 10 January 2018 on mild selling of the US currency by exporters amid a higher opening in domestic equity markets.
Weakness in the dollar against major global currencies overseas also supported the rupee.
The domestic currency opened at Rs 63.68 against the dollar and climbed to a high of 63.6375 so far during the day. In the spot currency market, the Indian unit was last seen trading at 63.6825. Yesterday, the rupee had dropped sharply by 20 paise to end at a fresh one-week low of 63.71 against the US currency following steady uptick in dollar demand from importers and banks amid surging crude prices.
The barometer index, the S&P BSE Sensex, hit fresh record high in early trade. At 9:24 IST, the Sensex, rose 9.76 points or 0.03% at 34,452.95. The Nifty 50 index was down 1.45 points or 0.01% at 10,635.55. The Sensex hit record high in early trade. Overseas, Asian stocks were mixed. US equities rose to record highs yesterday, 9 January 2018 as investors remained optimistic about the market heading into the corporate earnings season.
Meanwhile, the dollar dipped in Asia on Wednesday as China inflation data came in weaker than expected and investors kept an eye on the Bank of Japan. The U.S. dollar index, which measures the greenbacks strength against a trade-weighted basket of six major currencies, eased 0.04% to 92.19. Overnight, the dollar continued its revival from nearly four-month lows against a basket of major currencies shrugging off the recent flurry of mixed Fed commentary on monetary policy outlook.
Source: indiainfoline.com