Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
The rupee strengthened by 10 paise to 64.34 against the US Dollar in early trade on Tuesday on increased selling of the American currency by banks and exporters.
Forex dealers said that apart from sustained selling of the greenback by banks and exporters, a higher opening of the domestic equity market backed up the Rupee at the Interbank Foreign Exchange.
However, the US Dollar's strength against other currencies overseas capped the Rupee's gain, they added.
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On April 24, the Rupee had closed at a nearly two-week high by rising 17 paise at 64.44 against the US currency on heavy selling of the Dollar by exporters.
Meanwhile, the benchmark BSE Sensex surged 167.59 points, or 0.57 per cent, to 29,823.43 in early trade.
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