Rupee Stronger By 57 Paise At 70.05 Against US Dollar

Mumbai: The Indian Rupee surged 57 paise at 70.05 against the US Dollar during early trade on Thursday. According to Forex dealers, selling of the greenbacks by banks and exporters coupled with the weakening of the American currency paved way for the strengthening of Rupee.

At the interbank foreign exchange,the rupee opened on a higher notch at 70.15 and further scaled a high of 70.05- 57 paise stronger than its previous close.

On Wednesday, the domestic unit had surged 17 paise to close at 70.62 against the US Dollar. Analysts have attributed the surge in rupee to the slipping of global crude prices below the USD 60 per barrel mark and the sharp gains in domestic equity market.

Furthermore, following a surge in the value of rupee, the BSE Benchmark Sensex also traded higher by 364.32 points or 1.02 percent at 36,081.27 during early trade on Thursday.

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