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Indian Rupee: Edges higher on fresh dollar sales

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The Indian rupee commenced flat in early trades on Thursday, 03 November 2016 but edged higher thereafter against the US dollar on fresh selling of the American currency by exporters. Besides, the dollar's weakness against some currencies overseas supported the rupee but early losses in the domestic equity market restricted gains.

The domestic currency opened at Rs 66.72 against the dollar and climbed to a high of 66.68 so far during the day. In the spot currency market, the Indian unit was last seen trading at 66.6950. Yesterday, the rupee had ended steady at 66.71 against the US dollar.

Domestic benchmark indices reversed initial losses triggered by uncertainty over the outcome of the upcoming US presidential election. At 9:27 IST, the barometer index, the S&P BSE Sensex was up 33.66 points or 0.12 percent to 27,560.88. The Nifty 50 index was currently up 9.90 points or 0.12 percent at 8,523.90.

 the dollar's losses deepened on Thursday as positioning for next week's U.S. presidential election overshadowed the Federal Reserve's latest review, where policymakers signaled they were on track to hike rates next month. The dollar index (DXY), which tracks the greenback against a basket of six major currencies, dipped 0.3 percent to 97.089 after dropping as low as 97.079, its lowest since Oct. 11.
Alisha Singh

Alisha Singh

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