Rupee moves up 10 paise against dollar

Rupee moves up 10 paise against dollar
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Mumbai: The rupee trended higher by 10 paise to 65.35 against the dollar in the beginning today, reflecting a strong start in stock markets.

Fresh selling of the US dollar by banks and exporters brought some life back in the local currency.

Stocks were full of promise as they opened on a firm note, which made the rupee gain ground, traders said.

But the US dollar’s strength, mainly an outcome of the US Fed’s recent decision to shrink its balancesheet, kept the rupee in check. An indication of gradual rate hike from the central bank tempered mood, too.

US President Donald Trump’s tax reforms plan slated to be released, however, kept the interest factor alive, they added.

Yesterday, the rupee plunged 35 paise to hit a fresh six- month low of 65.45 against the dollar due to heavy demand for the US currency from importers amid foreign funds exit.

The benchmark Sensex bounced 197.70 points, or 0.70 per cent, to 31,797.46 in the opening trade.