Rupee recovers 9 paise against dollar in early trade.

Indian rupee opened 8 paise higher at 66.85 against the US dollar on Friday on increased selling of the American currency by banks and exporters. The local currency slipped 40 paise on Thursday and closed at fresh three-week low of 66.94 against the dollar on rising concerns over interest rate hike by the US Federal Reserve. At 9.35 am, rupee was trading 9 paise up at 66.85-level against the dollar.

Meanwhile, BSE Sensex and NSE Nifty opened on a flat note with positive bias on Friday. At 9.33 am, the 30-share index was trading 30.39 points, or 0.11 per cent, up at 27687.50, while the 50-share index was up by 8.90 points at 8,582.25.

India’s Consumer Price Index (CPI) plunged to 4.31 per cent in September as against a rise of 5.05 percent in August.

US Dollar Index declined by 0.45 percent in Thursday’s trading session due to unfavourable economic data from the country. However, sharp fall in the currency was cushioned due to rise in risk aversion in global markets which led to increase in demand for the low yielding currency.

US Unemployment Claims remained unchanged at 246,000 for the week ending on 7th Oct’16. Import Prices grew by 0.1 percent in September with respect to decline of 0.2 percent in August.

Source : financialexpress.com