Improved Global Economy Sustains Early Rebound

Mumbai: The rupee dropped 14 paise to 64.72 against the US dollar on Friday after the American currency gained traction among importers.

However, the US dollar was listless against the euro in the global market after data showed that the euro zone economy continued to improve and job creation grew at its fastest pace in 17 years. An upward movement in domestic equities, however, prevented the rupee from going further down, traders said.

On Thursday, the rupee had staged a rebound and ended at a fresh three-week high of 64.58, jumping 34 paise, after US Fed minutes signalled a shallow rate hike path.

Meanwhile, the benchmark BSE Sensex on Friday advanced by 101.78 points, or 0.30 per cent, to 33,689.86. 


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Source : http://www.asianage.com/business/market/241117/rupee-weakens-14-paise-against-us-dollar-in-early-trade.html

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