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.
The rupee gained another 14 paise to trade at a two-week high of 63.95 against the US dollar in opening trade on Thursday on dollar selling by exporters and banks amid firm equities.
The dollar’s weakness against other currencies overseas also supported the rupee sentiment, a currency dealer said.
The moved between 63.98 per dollar and 63.93 per dollar at the interbank forex market in early trade.
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The dollar fell further against the yen to hit a 15-month low in Asian trade while the euro gained after a firm German growth.
Yesterday, the rupee had gained 23 paise to close at 64.09 a dollar on sustained selling of the American currency by exporters and banks.
Meanwhile, the benchmark BSE Sensex rose by 167.12 points, or 0.48 per cent, to trade at 34,323.07 in morning trade.
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