India pushing Rupee as next global trade instrument
It is not just Western sanctions on Russia that accelerated the trend to circumvent the dollar, but the strength of the currency in the past year has also posed a challenge.
Mumbai: The rupee appreciated by another 25 paise to 64.68 against the US currency in early trade at the inter-bank forex market today on dollar selling by banks and exporters.
Stock markets opening with gains bolstered the rupee sentiment, a currency trader said.
However, the dollar’s strength against other currencies overseas capped the gains, dealers said.
Advertisement
On Friday, the Indian currency had gained 15 paise to end at a fresh three-week high of 64.93 on easing macro worries coupled with record-setting domestic equities.
Meanwhile, the benchmark BSE Sensex rallied 254.63 points to hit all-time high of 32,687.32 while NSE Nifty scaled new peak of 10,242.45 in early trade.
Advertisement
