Rupee rides on GDP numbers, up 6 paise in early trade

The rupee edged higher by 6 paise to 66.76 against the dollar in early trade today after exporters and banks stepped up selling of the US currency. Forex dealers said that a higher opening in the domestic equity market and robust GDP numbers for the December quarter also supported the rupee. However, the strength of the dollar overseas on growing expectations of a Federal Reserve rate hike this month, limited the gains.

Fed policymakers have been hinting at a rate hike at its meeting scheduled on March 14-15, irrespective of US President Donald Trump’s budget plans. This has made the US markets soar to record highs of late.

Yesterday, the rupee had lost 13 paise to close at 66.82 against the dollar.Meanwhile, the benchmark BSE Sensex regained the 29,000-mark by surging 148.46 points, or 0.51 per cent, to 29,132.95 in early trade today.

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Source:The Indian express

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